Credit Suisse has made nearly $3 billion in claims against insurer IAG after the collapse of Greensill Capital.
Insurer IAG is bearing the brunt of $3 billion in insurance claims filed by Credit Suisse following Greensill Capital’s collapse, the Swiss bank has revealed.
IAG said on Friday that it had previously told investors that trade credit insurance claims were expected. It has also repeatedly maintained it has no “net” insurance exposure to Greensill Capital, while maintaining in lawsuits “it did not know” some policies had been issued by the BCC agency.Advertisement
But following Greensill Capital’s implosion in early 2021, insurers are refusing to pay out on the policies, with Tokio Marine,Credit Suisse has rebutted these allegations, stating that “all relevant insurance policies are valid” and that it is prepared to fight in for its claims in court. It has made 18 claims in total. They include claims against so-calledCredit Suisse is also planning to bring legal action against Japan’s Softbank in the UK in early 2023which was mostly owned by Softbank.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
It’s ‘high time’ Australians upheld the human rights of children in the NTCLP Senator Jacinta Price says it’s “high time” Australians upheld the human rights of children in the Northern Territory. “To live in an environment that is caring for them,” she told Sky News commentator Steve Price. “So, they can grow up to be adults to make decisions for themselves … and eventually have a choice. “Right now, that is completely stripped from them because of policies that claim it's racist to uphold their human rights as Australian citizens of this country.”
Read more »
Battle of the botanic garden: the horticulture war roiling the Isle of WightThe long read: When a US businessman took over a beloved garden a decade ago, he decided on a radical new approach, all in the name of sustainability. But angry critics claim it’s just plain neglect
Read more »
How to fight inflation? (Spoiler alert: not with interest rate rises) | Joseph StiglitzUS inflation is mainly supply-side driven so further rate hikes will have little to no effect – and cause deep problems of their own
Read more »