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Credit Suisse backed Greensill’s plan to establish insurance firm

Posted On: Dec. 21, 2022 9:10 AM CST

Swiss asset manager Credit Suisse Asset Management LLC provided a loan of $140 million in October 2020 to now collapsed supply chain financing firm Greensill Capital Pty Ltd. to set up its own captive insurance firm, weeks after its main insurer refused to renew its policy, The Financial Times reported. The loan was provided less than five months before Greensill collapsed to support the company’s plan to establish its own insurer to provide coverage for the risky lending it carried out, according to people familiar with the matter.