IAG responds to Tokio Marine trade credit update
IAG acknowledges the announcement by Tokio Marine Holdings, Inc. ("Tokio Marine") today on its subsidiary BCC Trade Credit Pty Ltd ("BCC"), the Greensill group of companies and its trade credit policies.
IAG anticipated the claims and potential litigation by the administrators of Greensill or other claimants seeking confirmation of policy coverage and/or validity of claims in relation to trade credit policies. IAG and Tokio Marine, through its BCC subsidiary, continue to work together and are defending these claims and litigation.
In regard to potential exposure to Greensill-related claims and litigation, IAG maintains its position that it has no net insurance exposure to trade credit policies sold through BCC.
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