A new interim chief executive officer, Ami Barlev, has been installed at scandal-plagued Vesttoo, the insurance risk transfer platform, facing market and regulatory pressure after alleged irregularities relating to letters of credit.

Installed as chief executive by the company board, Mr Barlev is himself a director and an initial investor of the company.

He has had extensive experience serving in senior positions such as CEO, director and chairman in a number of private and publicly traded Israeli and Nasdaq companies, as well as start-ups, in the fields of technology, AI, communications, aviation and real estate.

Mr Barlev specialises in corporate governance, business development, crisis management and managing companies in complex situations.

He commented: “I would like to thank the board for their confidence in me during this extremely difficult moment — as well as our investors and clients for their patience.

“I accepted this position because we all strongly believe that Vesttoo’s technological suite and platform remain extremely valuable. The need for both alternative capital in the market and diversified investments is clear and robust.

“We are working around the clock in order to provide solutions for our customers and partners around the world, and we will work intensively to restore the company's activities. We believe in the value that Vesttoo can still provide.

“I am confident that by completing the ongoing audit thoroughly and comprehensively we can overcome this significant challenge and get back to work.”

This month, the Bermuda Monetary Authority issued proceedings in the Supreme Court of Bermuda, Commercial Court jurisdiction for the appointment of joint provisional liquidators for the company’s Bermuda unit, Vesttoo Alpha P&C Ltd.

Charles Thresh and Michael Morrison, of Teneo (Bermuda) Limited, are listed as the JPLs.

The ink had barely dried on a BMA press release this week when Vestoo fired off a statement indicating that it was quitting Bermuda.

A media statement said: "As part of Vesttoo's business focus moving forward after the recent events, the company's management has decided to focus its activities on a limited number of high-quality and large markets.

“As part of this restructuring, Vesttoo is liquidating its collateralised insurer in Bermuda — but continues to operate its branches in New York, London and other territories.

“Vesttoo's main activity and its core members, which includes an experienced team of 50 people, continue to act vigorously for the benefit of the company's customers and partners.”

Vesttoo slashed 75 per cent of its staff of 200 after the scandal first broke, and although it had not maintained staffing in Bermuda, the company initially indicated it would retain a Bermuda office.