Notice - Vesttoo Alpha P&C Fund, LP (2023-12-22)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it has revoked the registration of Vesttoo Alpha P&C Fund, LP, a Professional Class B Fund registered under the Investment Funds Act 2006. The revocation followed the fund's failure to meet registration requirements and the collapse of the insurance entity it was created to support.

• Basis for revocation: The Authority found grounds under section 10A(a) of the Act (failure to appoint a fund administrator and failure to give required notices under sections 9(2) and 9(3)) and section 10A(c) (no investment activity for the previous twelve months).
• Underlying cause: The fund existed solely to collateralize insurance exposure underwritten by Vesttoo Alpha P&C Ltd, which was placed into winding up with joint provisional liquidators appointed by the Supreme Court of Bermuda, making the fund's investment objective unachievable.
• Process followed: A statutory ten day appeal period following the enforcement decision expired on 7 December 2023 without an appeal being filed, and the registration revocation under section 10B(2) of the Act took effect.

This notice is informational and specific to Vesttoo Alpha P&C Fund, LP; it does not impose new ongoing obligations on other regulated entities but illustrates the BMA's use of its revocation powers for funds that fail registration or activity requirements.

Applies to

Professional Class B Funds registered under the Investment Funds Act 2006, investment funds, insurance companies (Vesttoo Alpha P&C Ltd)

Deadlines

• 7 December 2023: Expiry of the ten day statutory appeal period against the revocation decision, after which the decision became final as it was not appealed