Article ID: 1660d75d8419d08fe53626fdb9db91e9f8fb30d1b5c1bbd14c01e3df38a11809
Source ID: primary:insurancejournal.com
Published At: -
Extraction Method: trafilatura
URL: https://www.insurancejournal.com/news/international/2026/09/25/886831.htm
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Insurance Australia Group (IAG) said on Friday it had agreed to settle an A$2.8 billion ($1.96 billion) Credit Suisse lawsuit over losses linked to the collapse of finance firm Greensill Capital. Here are some key details: - The insurer did not disclose the terms of the settlement, citing confidentiality. - The aggregate face value of the claimed amounts in the Credit Suisse proceedings was about A$2.8 billion plus interest, Insurance Australia said. - The proceedings relate to policies issued by Insurance Australia unit BCC Trade Credit to Greensill entities. - The settlement comes just months after Insurance Australia agreed to settle a separate A$4 billion lawsuit brought by the administrators of Greensill Bank. - The 2021 collapse of Greensill Capital led Credit Suisse to wind down $10 billion in funds linked to the firm. - Last year, Credit Suisse had lost a $440 million lawsuit against SoftBank Group Corp. over funds Greensill had lent to Katerra, a construction company backed by the Japanese group. - UBS Group, which took over Credit Suisse after its 2023 collapse, did not immediately respond to a Reuters request for comment. - Insurance Australia said the remaining proceedings brought by White Oak against its unit Insurance Australia Ltd. remain ongoing, with the aggregate face value of claim amounts at nearly A$170 million. - The insurer said the Credit Suisse settlement would not have a material impact on its 2027 financial results. - IAG shares were up 1.4% at A$7.905, as of 0025 GMT, while the benchmark S&P/ASX 200 was down 0.4%. - Citi analysts said the settlement should effectively end the “Greensill overhang” surrounding the stock, assuming IAG’s insurance, reinsurance and indemnity arrangements remain intact. ($1 = 1.4261 Australian dollars) (Reporting by Nichiket Sunil in Bengaluru; editing by Jonathan Ananda and Subhranshu Sahu) Related: Copyright 2026 Reuters. Click for restrictions. Was this article valuable? Here are more articles you may enjoy.
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