Insurance giant IAG has sought to soothe market fears about being ensnared in the collapse of supply chain financing outfit Greensill Capital, saying it will not be left holding the bill for any failures.
The Sydney-based insurer on Tuesday said it had no net exposure to trade credit policies sold to Greensill entities, because it had offloaded a 50 per cent stake in trade credit insurance outfit Bond & Credit Co (BCC) in April 2019.
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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
