Insurer Says Chinese Bank Won’t Honor Vesttoo-Related Letters Of Credit

( May 27, 2026, 3:55 PM EDT) -- CHICAGO — An insurer and its parent corporation sued a Chinese bank and two affiliates in an Illinois federal court, alleging that the bank refused to honor nine Vesttoo Ltd.-related standby letters of credit with a combined face value of nearly $10 million that were required to collateralize reinsurance obligations, leaving the insurer with impaired surplus, regulatory restrictions and unreimbursed claims....