Credit Suisse’s $2.2bn in Greensill fund claims chiefly target IAG

Credit Suisse Asset Management has aimed over 90% of its $2.2 billion in insurance claims over failed supply chain finance funds at  Australian insurance group IAG, with only rump sums sought from  Tokio Marine and  Zurich.

Over 90% of CSAM total filed claims are against Insurance Australia with the remainder split between Zurich Insurance and Tokio Marine, CSAM said in updated information to fund shareholders.

CSAM ultimately acknowledged having filed 18 insurance claims for some $2.2 billion to help recoup moneys on behalf of investors in the failed supply chain financing funds. CSAM has long since stated that the 18 claims complete its demands.

Tokio Marine was initially believed to be higher on the target list, having inherited policies upon its purchase of unit BCC Trade from Australia’s IAG.

At issue are trade credit policies backing underlying assets in supply chain financing securitization funds run by Greensill Capital.

Greensill collapsed early in 2021 after Tokio Marine began to cancel coverage upon having uncovered concerns over the policies. Tokio Marine had vociferously spoken up its legal defence already by mid-2022.

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