Frantic emails between executives at Greensill Group’s biggest insurance outfit reveal their confusion and alarm after allegedly discovering their underwriter had blown past internal limits by tens of millions of dollars, potentially triggering hefty losses.

The documents, filed in the Federal Court and obtained by The Australian Financial Review, also reveal the insurer had alerted Australian prudential regulators about the alleged internal breaches in late June 2020. That was nine months before Greensill Group’s fast-finance business imploded.