Why it matters: IAG faces massive payouts on policies relating to Greensill
The company says the policies were written by a subsidiary without its knowledge
In filings, it says the invoices the policy covered were too abstract to pay
IAG says a lack of “real world transactions” among the deals arranged by Greensill means it should not have to pay out on the insurance policies now at the centre of a dispute with the collapsed financier’s administrators.
In a 177-page defence to a lawsuit filed by the administrator, IAG – which is already facing more than $3 billion in insurance claims relating to the collapse – has laid out dozens of reasons why it should not be liable for policies written by its former half-owned agency, Bond & Credit Corp.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
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
