trade credit insurance News

Australia’s Largest P/C Insurer Says It Has No Net Exposure to Greensill Capital

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 …

Greensill Files for UK Insolvency After Losing Insurance for Debt Repackaging Business

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 …

Credit Suisse Knew Frozen Greensill Funds’ Insurance Cover Relied on One Insurer: Report

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 …

Greensill Downfall Began with Firing of Insurance Manager at Sydney Unit of Tokio Marine

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 & …

Greensill Capital’s Funding Crisis Could Lead to Losses for Insurers, Banks: Analysis

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, …

Seeds of Greensill Capital’s Swift Fall Triggered When Credit Insurer Balked at Renewal

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 …

UK Broker Specialist Risk Group Buys Trade Credit Specialist, The Channel Partnership

Specialist Risk Group (SRG), a London-based specialist insurance broker, has announced the acquisition of a UK trade credit specialist, The Channel Partnership. Financial details of the deal were not disclosed. The Channel Partnership, founded in 1992, provides clients with expert …

UK Businesses Face Miles of Red Tape with New Brexit Border Rules

While the mile-long lines of trucks have dissipated at ports, UK businesses are waking up to less visible forms of friction at the border with the European Union that may cause more enduring damage. From health certificates to new taxes …

Germany Extends $37B Backstop for Credit Insurers to Keep Pandemic Trade Flowing

Germany agreed to extend a backstop for commercial credit insurers by six months to keep trade flowing and prevent bankruptcies as the economy is hit by a second wave of the coronavirus pandemic. Under the deal, which still requires a …

Pullback by Wary Credit Insurers Leaves Suppliers, Retailers in Bind

Gold Medal International is sitting on millions of dollars worth of socks at its North Carolina warehouse that it can’t ship to stores. The reason? The 66-year-old family-owned sock maker can’t get enough credit insurance to cover potential losses if …