Insurance Australia Group (IAG) announced on May 28, 2026, a confidential settlement with Greensill Bank AG and its insolvency administrators. This agreement resolves one of the active fronts in the complex legal battles following the collapse of Greensill Capital. The company stated that the settlement would not have a material impact on its financial position or its fiscal year 2026 financial results, based on the agreed terms and anticipated recoveries. The aggregate face value of the claims in these specific proceedings was approximately A$4 billion plus interest.
Despite this settlement, the broader Greensill litigation is far from over for IAG. Separate proceedings brought by Credit Suisse and White Oak entities against IAG and other parties remain active. The aggregate face value of the claimed amounts in these ongoing proceedings is approximately A$3 billion plus interest, and IAG continues to defend against these claims. A five-month trial related to these outstanding claims is scheduled to begin in August.
The Greensill collapse involved a supply chain finance empire that was valued at $3.5 billion at its peak before its insolvency in March 2021. The litigation stems from trade credit insurance policies purportedly issued by BCC Trade Credit Pty Ltd on behalf of IAL to Greensill entities. The total value of claims across the eleven interconnected Federal Court proceedings is over A$7 billion, involving multiple parties including IAG, Tokio Marine, Marsh, UBS (following its merger with Credit Suisse), and White Oak Global Advisors. IAG has maintained that its shareholders face no net exposure, asserting that the insurance policies were invalid due to alleged fraud by Greensill.
