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

Summary

This is a public enforcement notice from the Bermuda Monetary Authority (BMA) 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. It is informational only, documenting a completed regulatory action against a specific, named fund rather than imposing new industry wide requirements.

• Background: The fund was registered on 18 August 2022 to raise collateral to fully collateralize insurance exposure underwritten by Vesttoo Alpha P&C Ltd (Vesttoo CI).
• Grounds for revocation: The BMA found the fund failed to appoint a fund administrator and failed to give required notices under sections 9(2) and 9(3) of the Investment Funds Act 2006, and that no investment activity had occurred in the previous twelve months, satisfying section 10A(a) and 10A(c) grounds under section 10B(2).
• Related insurer proceedings: Vesttoo CI was placed into winding up proceedings in the Supreme Court of Bermuda (petition filed 1 August 2023, joint provisional liquidators appointed 2 August 2023, winding up order issued 13 October 2023), which the BMA cited as preventing the fund's investment objectives from being achieved.
• Outcome: A ten day statutory appeal period expired on 7 December 2023 without an appeal being filed, so the revocation stands final.

There are no ongoing compliance obligations created by this notice for other regulated entities; it serves as a record of the BMA's enforcement action against this specific fund.

Applies to

Professional Class B Funds, investment funds registered under the Investment Funds Act 2006, insurers