Insurance Australia Group Settled Greensill Lawsuit
The insurer resolved legal claims with Credit Suisse linked to the collapse of Greensill Capital.
Updated on Sept. 25, 2026 in Financial Services
Live Poll
Do you trust that major insurance providers remain financially stable after settling multi-billion dollar lawsuits?
Insurance Australia Group has settled a legal dispute with Credit Suisse regarding insurance policies issued by BCC Trade Credit to Greensill entities. The claims arose following the 2021 collapse of Greensill Capital.
Why it matters
The settlement resolves a portion of the extensive litigation stemming from the failure of Greensill Capital, which also triggered the collapse of Credit Suisse. It clarifies the financial liabilities for the insurer as it manages legacy fallout from the Greensill collapse.
The settlement involves claims with an aggregate face value of approximately A$2.8 billion. The company stated the agreement will not have a material impact on its 2027 financial results.
The players
Insurance Australia Group
This is an Australian-based general insurance company that provided trade credit coverage to entities linked to Greensill Capital.
Credit Suisse
This was a major Swiss multinational investment bank that wound down $10 billion in funds after the collapse of Greensill Capital.
Greensill Capital
This was a global supply-chain finance firm whose 2021 collapse led to significant legal and financial repercussions for global institutions.
UBS Group
This is a Swiss multinational investment bank and financial services company that acquired Credit Suisse following its 2023 collapse.
SoftBank Group Corp
This is a Japanese conglomerate that previously engaged in legal action against Credit Suisse.
The details
Insurance Australia Group issued the policies in question through its BCC Trade Credit unit before Greensill Capital entered insolvency. While this settlement addresses the Credit Suisse claims, the company still faces active litigation from White Oak totaling nearly A$170 million.
Timeline
Greensill Capital collapsed in 2021.
Credit Suisse collapsed and was acquired by UBS Group in 2023.
Credit Suisse lost a lawsuit against SoftBank in 2025.
Insurance Australia Group reported the settlement on September 25, 2026.
The 2027 financial year is the period being evaluated for the impact of this settlement.
Market Landscape
This settlement follows the pattern of legal resolutions emerging from the 2021 collapse of Greensill Capital. It represents a strategic effort by the insurer to reduce uncertainty in its portfolio by shedding liabilities linked to the failed finance firm.
The settlement minimizes potential volatility for the insurer, ensuring that its 2027 financial outlook remains stable despite the prior legal challenges. Customers and stakeholders are unlikely to see changes to pricing or service offerings resulting from this legal resolution.
The takeaway
The resolution of these claims marks a significant step in winding down the complex financial obligations created by the Greensill insolvency. Investors should note that while this case is closed, the company remains exposed to other ongoing legal challenges.
Further reading
Find more analysis on ongoing litigation and corporate liability in our Financial Services section.
Live Poll
Do you trust that major insurance providers remain financially stable after settling multi-billion dollar lawsuits?
