Porch Group’s legal battle unveils alleged reinsurance fraud involving Chinese lender

According to Reuters, Porch and its affiliate, Homeowners of America Insurance Co, contend, in a complaint lodged with the US Southern District Court of New York on Thursday, that CCB collaborated with individuals linked to the now-defunct Israeli insurance entity, Vesttoo. Their alleged collaboration birthed a cascade of counterfeit reinsurance letters of credit, ostensibly guaranteeing access to reinsurance funds for insurance companies, it was suggested. However, Porch asserts these documents were duplicitous, leading to profound monetary setbacks on their end.

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