Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

Australia’s biggest general insurer says it has no exposure to Greensill, shares recover

Australia's biggest general insurer says it has no exposure to Greensill, shares recover

(Reuters) – Insurance Australia Group, the country’s largest general 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 since the sale of its 50% stake in BCC to Tokio Marine in 2019 it no longer had exposure to trade credit insurance, including policies sold by BCC to Greensill.

The announcement comes a day after Greensill filed for insolvency after losing insurance coverage for its debt repackaging business and said that its largest client, GFG Alliance, had started to default on its debts.

“As part of the sale IAG entered into agreements with Tokio Marine for it to hold any remaining exposure to trade credit insurance written by BCC through IAL,” IAG said.

Shares of the insurer were last down 1%. They were briefly halted before the announcement after sliding 10.2% to their lowest since November 2012 earlier in the session.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu, Aditya Soni)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post