MGAs urged to check on capacity partnerships amid Vesttoo fraud scandal
Managing general agents and carriers are being urged to carry out ‘robust and periodic due diligence’ following the Vesttoo insurtech scandal.
The Vesttoo scandal has sent shockwaves across global capacity arrangements, with some fronting insurers now having to make alternative arrangements having used the scandal-hit insurtech’s platform.
Vesttoo is an Israeli-based insurtech that has a software platform that connects capacity with fronting insurers.
However, some of the letters of credit, used as evidence of collateral, were fraudulent.
These events also provide a timely reminder to carriers and MGAs to undertake robust and
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