Speaking today in Monte Carlo, senior executives from Swiss Re's reinsurance business unit explained that the firm's Alternative Capital Partners (ACP)
Industry sources view the letters of credit (LOC) fraud scandal at Vesttoo as a specific rather than systemic failure, with further scrutiny likely on LOC providers.
Despite a successful upstreaming of cat risk to primary insurers, reinsurers still have multiple factors to worry about in the run-up to 1 January 2024.