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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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
