Swiss bank Credit Suisse has prepared its first insurance claims on losses stemming from its $10 billion of funds tied to collapsed finance group Greensill Capital, the Financial Times reported on Wednesday.
Credit Suisse is attempting to recoup billions of dollars owed to the group of supply-chain finance funds, which it was forced to close in March, the report added.
The bank has started the process of claiming on the related insurance, primarily from Japanese group Tokio Marine, the newspaper said, citing people with knowledge of the process.
“While it is our general policy not to comment on individual policyholder relationships or policy terms, we currently do not anticipate any material impact on our financials for the 2021 fiscal year and onwards,” Tokio Marine said in an emailed statement.
(Reporting by Kanishka Singh in Bengaluru and Makiko Yamazaki; Additonal reporting by Radhika Anilkumar Editing by Muralikumar Anantharaman and Sherry Jacob-Phillips)
Topics Claims
Was this article valuable?
Here are more articles you may enjoy.
As US Residential Solar Industry Craters, Florida Bucks Trend 
Former Insurance Agent Sentenced to Jail for Fraud, Again 
Viewpoint: Who Gets Credit for Successful Renewal During Soft Reinsurance Market? 
Why El Niño’s Promise of Quieter Hurricane Season May Not Be Good News for Insurers 
