IAG says it has no insurance exposure to collapsed Greensill

Wed, 10 Mar 2021

Insurance Australia Group said it has no net insurance exposure to trade credit policies in the wake of the collapse of financier Greensill Capital.The ASX-listed insurer said its sale of 50% of BCC to Tokio Marine Management in April 2019 had "the result of eliminating net exposure to trade credit insurance".IAG said BCC is an underwriting agency that was authorised to underwrite trade credit insurance on IAG's behalf through IAL, one of IAG's two licensed insurance subsidiaries in Australia.As part of a transition arrangemen...

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