Porch Group, which has pursued multiple lawsuits in attempting to recover heavy losses from the Vesttoo reinsurance letter of credit collateral fraud, has agreed to a USD 7.1 million settlement with Vesttoo Creditors Liquidating Trust over claims relating to a reinsurance transaction for Porch Group subsidiary, insurer Homeowners of America Insurance Company (HOA). Porch Group had contended it was entitled to more than USD 15 million held by the Liquidating Trust.
Israeli insurance company Vesttoo Ltd. had filed for Chapter 11 bankruptcy in August 2023.
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