Notice - The Bermuda Monetary Authority and White Rock Bermuda Jointly Agree to Take Action to Address Alleged Fraud at Vesttoo (2023-08-18)

Summary

This notice announces that the Bermuda Monetary Authority (BMA) and White Rock Insurance (SAC) Ltd. (White Rock Bermuda) have jointly agreed on a court-supervised course of action to address alleged fraud linked to Vesttoo-related segregated accounts (the Vesttoo Cells). The parties have asked the Bermuda Supreme Court to appoint Joint Provisional Liquidators (JPLs) over the impacted cells to maximise recovery for affected (re)insureds.

• Scope: The action applies only to the specific Vesttoo Cells impacted by the alleged fraud, not to White Rock Bermuda as a whole.
• JPL appointment: Charles Thresh and Michael Morrison of Teneo (Bermuda) Limited are to be appointed as Joint Provisional Liquidators for the impacted Vesttoo Cells.
• Business continuity: White Rock Bermuda continues normal operations; other segregated cells and clients are unaffected.

This is an informational notice describing a joint regulatory and corporate response to a specific fraud matter; it does not impose new ongoing compliance requirements on the wider industry.

Applies to

White Rock Insurance (SAC) Ltd. (segregated account company), (re)insureds impacted by the Vesttoo Cells