IAG denies any exposure to Greensill’s collapse
Posted On: Mar. 10, 2021 9:43 AM CST
Insurance Australia Group Ltd. has denied any net insurance exposure to the trade credit policies covering financial services firm Greensill Capital Pty Ltd., which filed for insolvency on March 8, Reinsurance News reported. IAG clarified that it sold its 50% stake in underwriting agency BCC Trade Credit Pty Ltd. to Tokio Marine & Nichido Fire Insurance Co. Ltd. in 2019, thus eliminating its exposure to any policies sold by BCC to Greensill entities.