Greensill Trade Credit Insurance update

Insurance Australia Group Limited (IAG) said a settlement of proceedings brought by Credit Suisse entities against Insurance Australia Limited (IAL) and other parties has not been finalised, responding to an article in The Australian Financial Review on 21 September 2026 that said the two had reached a settlement.

Key details

• The proceedings relate to trade credit insurance policies purportedly issued by BCC Trade Credit Pty Ltd. Trade credit insurance covers a business against customers failing to pay what they owe.
• IAG said it does not comment on confidential discussions between parties to litigation.
• IAG said its position remains that, based on anticipated recoveries including from insurance and reinsurance arrangements and other indemnities, any settlement would not be expected to have a material impact on its financial position or FY27 (financial year 2027) financial results.

What’s still pending

• A settlement of the Credit Suisse proceedings has not been finalised.
• IAG's position that any settlement would not be expected to have a material impact on its financial position or FY27 financial results is based on anticipated recoveries, including from insurance and reinsurance arrangements and other indemnities.

6ix AI wrote this summary from the release below and checked it against the release.