JPL Appointment - White Rock Insurance (SAC) Ltd (2023-08-18)

Summary

This is a public notice issued jointly by the Bermuda Monetary Authority and White Rock Insurance (SAC) Ltd (White Rock Bermuda) announcing that both parties have agreed to a course of action in the Supreme Court of Bermuda in response to alleged fraud involving Vesttoo related segregated accounts (the Vesttoo Cells).

• JPL appointment: Charles Thresh and Michael Morrison of Teneo (Bermuda) Limited are to be appointed by the Bermuda Supreme Court as Joint Provisional Liquidators (JPLs) for White Rock Bermuda in respect of the impacted Vesttoo Cells only.
• Purpose: The JPLs will work with White Rock Bermuda's board and management to pursue maximum recovery for (re)insureds affected by the alleged Vesttoo related fraud.
• Scope limitation: The action applies only to the impacted Vesttoo Cells; White Rock Bermuda continues normal operations and other cells and clients are unaffected.

The notice is informational, announcing a joint regulatory and company action rather than imposing new ongoing compliance requirements on the wider insurance industry.

Applies to

White Rock Insurance (SAC) Ltd (segregated accounts company), (re)insureds linked to impacted Vesttoo Cells