Insurance Australia Group Ltd. said a settlement of proceedings brought by Credit Suisse entities over Greensill trade credit insurance policies hasn’t been finalized.
“IAG does not comment on confidential discussions between parties to litigation, however a settlement has not been finalized,” according to an IAG statement on Monday.
IAG said its position remains that, based on anticipated recoveries including from insurance and reinsurance arrangements and other indemnities, any settlement of the Credit Suisse proceedings wouldn’t be expected to have a material impact on IAG’s financial position or 2027 financial results.
A trial had been expected to start in the Federal Court in Sydney this week. An investment vehicle run by the now-defunct Credit Suisse has been seeking an insurance payout to help cover billions of dollars in losses on loans it bought from Greensill Capital. Lex Greensill’s trade finance firm has spawned myriad lawsuits worldwide since its 2021 collapse.
Photograph: Buildings in Sydney, Australia; Brendon Thorne/Bloomberg
Topics Australia
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