Beneficiaries could include Beazley, Markel subsidiaries
By Matthew Sellers
A fresh lawsuit in Delaware has escalated the industry reckoning over collateral protection insurance tied to intellectual property, with the Vesttoo Creditors Liquidating Trust accusing Aon and China Construction Bank (CCB) of conduct that, it says, precipitated Vesttoo’s collapse and left insurers nursing large claims.
Filed on behalf of creditors (which include subsidiaries of Markel and Beazley) to the failed insurtech, the complaint alleges that Aon’s “collateral protection insurance” (CPI) programme was pushed into the market on the back of unreliabl…