‘Chose not to disclose’: Greensill Group insurers dispute claims
Key Points
- Greensill Group’s collapse in 2021 has triggered insurance claims on its deals.
- The legal disputes relate to an insurance agency, once half-owned by IAG.
- Tokio Marine bought the agency out in 2019, and is also entangled in disputes.
In early December 2017, years before his empire collapsed, financier Lex Greensill needed a quick decision. The businessman was looking for insurance cover and had turned to a new operation backed by Australian insurer IAG.
The insurance would cover a financing deal between Greensill Capital and part of entrepreneur Sanjeev Gupta’s global steel operations. And Mr Gupta had mentioned Greg Brereton, an underwriter at an insurance agency then half-owned by IAG, was interested in offering cover, according to an email from Mr Greensill to Mr Brereton.
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