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Markel joins Vesttoo bankruptcy case over $127.75m fraudulent LOCs

September 1, 2023


Markel Bermuda Limited (MBL), part of insurer and reinsurer Markel Group, has been appointed to the statutory committee of unsecured creditors in the U.S. Chapter 11 bankruptcy of insurtech Vesttoo, the company has announced.

MBL is a class 4 Bermuda insurer and forms part of Markel’s global specialty insurance business.

The company has joined the list of creditors in the Vesttoo Chapter 11 bankruptcy proceedings and is seeking remedies after two letters of credit (LOC), one for $50 million and another for $77.75 million, were found to be fraudulent in collateralised reinsurance transactions it entered into with White Rock for the benefit of a segregated account owned by an affiliate of Vesttoo.

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