Insurance Australia Group, the country’s largest general [P/C] insurer, said on Tuesday it had no net exposure to supply chain finance firm Greensill Capital, helping its shares recover from a sharp 10% drop earlier. IAG said in a statement that …
LONDON – Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and said in its court filing that its largest client, GFG Alliance, had started to default on its debts. Greensill began to …
Long before Credit Suisse Group AG was forced to wind down a $10 billion group of funds it ran with financier Lex Greensill, there were plenty of red flags. Executives at the bank knew early on that a large portion …
The debacle that led to the unraveling of Lex Greensill’s trade-finance empire began with the firing of a manager at a Sydney unit of insurance giant Tokio Marine Holdings Inc. last year. After the July 8 dismissal by Bond & …
LONDON – A funding crisis at Greensill Capital could spill over to some of its high-risk borrowers and lead to losses for insurers and banks that have done business with the UK-based supply chain finance firm if its clients default, …
The seeds for the rapid disintegration of Lex Greensill’s empire were sown eight months ago, when a little-known Australian insurer called Bond and Credit Company decided not to renew insurance policies covering $4.6 billion in corporate loans backed by the …
Ray Harkins will retire as executive vice president and chief underwriting officer, Reinsurance, at St. Louis, Missouri-based Safety National Re. Bob King has been tapped to succeed him as senior vice president and chief underwriting officer, Reinsurance. Harkins retires after …
Tokio Marine Holdings Inc. announced it will pay 1.52 billion reais (US$374 million) to form a joint venture to sell mortgage and homeowners insurance for Caixa Econômica Federal, the Brazilian state-owned bank. Caixa’s insurance holding subsidiary, Caixa Seguridade, will set …
A string of powerful typhoons that struck Japan has left scars on the country’s non-life insurers, with industry giants likely forced to pay a combined $8 billion in insurance payments in the current fiscal year that ends in March. Japan’s …
Japanese insurance companies have spent more than $50 billion on acquisitions over the past five years to become the world’s second-largest buyer of insurance assets, and the deals spree won’t be slowing down any time soon. The cashed-up insurers are …
