OLDWICK, N.J.--(BUSINESS WIRE)--With the recent published news reports on Vesttoo, an insurtech platform, AM Best is monitoring the rapidly evolving situation and reviewing its rated fronting carriers and other insurers that have material amounts of reinsurance counterparty credit risk and reliance on various forms of collateral. Based on this review, rating actions will be taken as warranted.
Additional details can be found in the Best’s Commentary, “AM Best to Review Collateral Arrangements at Rated Fronting Insurance Companies,” available at http://www3.ambest.com/bestweek/purchase.asp?record_code=333866.
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