Aon looks to recover $136mn from Vesttoo after CCB says LOC invalid

Published: Mon 14 Aug 2023

Prior to launching its New York legal action yesterday, Aon demanded Vesttoo return $136mn in funds distributed to the insurtech through its White Rock Bermuda subsidiary, after China Construction Bank (CCB) advised that a letter of credit (LOC) an insurer sought to draw down in mid-July “was not issued by CCB”.