Porch Group Sues China Construction Bank, Alleging Reinsurance Fraud

Porch Group, a U.S. homeowners insurance and home inspection software company, reportedly sued China Construction Bank (CCB), alleging reinsurance fraud.In its complaint, Porch alleged that the Chinese lender conspired with employees of Vesttoo, a now-bankrupt Israeli insurance firm, to issue fake reinsurance letters of credit, Reuters reported Friday (May 10).CCB did not immediately reply to PYMNTS’ request for comment.Porch said in its complaint that its business unit, Homeowners of America (HOA), had to ...