Insurance Australia Group Unit Agrees to Settle Credit Suisse-Related Greensill Proceedings

MT Newswires Live

Sep 25

Insurance Australia Group (ASX:IAG) said its subsidiary Insurance Australia agreed to settle Federal Court proceedings brought by Credit Suisse entities over trade credit policies linked to Greensill, with the terms of the settlement remaining confidential, according to a Friday filing with the Australian bourse.

The claims, with an aggregate face value of about AU$2.8 billion plus interest, are not expected to materially affect the company's financial position or fiscal 2027 results after accounting for anticipated insurance, reinsurance, and indemnity recoveries, per the filing.

The settlement follows the company's resolution of Greensill Bank proceedings in May, while separate claims by White Oak, valued at about AU$170 million plus interest, remain ongoing and are being defended by Insurance Australia, the filing added.

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