Greensill Capital’s key insurance agency did not have approval from regulators to act as an insurer when it was half-owned by $20 billion group IAG, new court documents allege, as the ASX-listed company gears up to defend $7 billion in claims.

IAG, which is preparing for a months-long trial starting in March 2026 in Sydney’s Federal Court to try to avoid paying out billions in policy claims related to the 2021 collapse of Lex Greensill’s supply chain finance empire, has been hit with new allegations in England’s High Court.