Insurer is confronting multiple Australian legal cases from investors
email rounding up the latestInsurance Australia Group, the Sydney-based insurer embroiled in litigation over the collapse of finance company Greensill Capital, has said it has 20 claims with an aggregate value of A$7bn related to the cases. refused to pay out on Greensill’s credit coverSydney-based IAG, which detailed the aggregate figure for the first time in its annual report on Monday, faces multiple Australian legal cases from investors in Greensill-sourced debts.
Still, the Australian insurer has set aside A$467mn to cover legal fees and claims handling related to the cases, according to its report. Australia’s federal court is expected to start formal proceedings on a series of insurance claims from Greensill creditors in the coming months. The litigation is seen as an importantof the validity of insurance when policies are heavily contested on the basis of alleged misrepresentation.
IAG has said in its legal filings that it is not bound by the policies signed between BCC and Greensill as the cover agreed was in breach of limits set on the unit. It has also argued that if it is deemed to be bound by the disputed BCC policies, it is not liable for the sums sought by creditors.
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