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Vesttoo Bermuda court day set

The offices of Vesttoo Bermuda at Wessex House on Reid Street (Photograph by Richard Meyer)

Vesttoo’s Bermuda entity is getting its day in court next month.

Petitioners and contributors in the winding-up of Vesttoo P&C can be heard on October 13 at the Supreme Court of Bermuda.

Vesttoo, which was to be the eBay of reinsurance, was founded in 2018. It registered as a collateralised insurer in Bermuda in 2022.

The local company was said to be the lynchpin of the insurtech platform, which started falling apart earlier this year when it was found that collateral used in some transactions appears to have been fraudulent.

In early August, Vesttoo Alpha P&C was placed into liquidation by the Bermuda Monetary Authority and Teneo was appointed to be liquidators.

Later in the month, dozens of Vesttoo-related companies filed for bankruptcy protection in Delaware, and on August 20, the Bermuda Monetary Authority said that together with White Rock Insurance (SAC), it would focus on pursuing maximum recovery in the courts in Bermuda.

In the September 13 announcement, Conyers Dill & Pearman, attorneys for the petitioner, said that creditors or contributors with respect to Vesttoo P&C can appear at the hearing but must express an interest in appearing no later than the business day before the hearing.

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Published September 13, 2023 at 2:39 pm (Updated September 13, 2023 at 9:05 pm)

Vesttoo Bermuda court day set

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