Insurance Australia Group (IAG) has announced that Insurance Australia Limited (IAL) has agreed to settle the proceedings brought by Credit Suisse entities against IAL and other parties in the Federal Court of Australia.
The aggregate face value of the claimed amounts in the Credit Suisse proceedings was approximately A$2.8 billion plus interest. The terms of the settlement are confidential according to the release shared with Insurance Business that was issued to the ASX and authorised by IAG's CEO Nick Hawkins (pictured)
IAG said the settlement would not have a material impact on its financial position or FY27 financial results, based on anticipated recoveries including from insurance and reinsurance arrangements and other indemnities.
The announcement resolves a question the company left open four days earlier. On September 21, IAG told the market that no settlement of the Credit Suisse proceedings had been finalised, responding to reporting that the dispute had resolved ahead of trial.
Read next: IAG says Greensill settlement not finalised
"IAG does not comment on confidential discussions between parties to litigation, however a settlement has not been finalised," the company said in that statement.
IAG did not deny at the time that discussions were under way and its position was that those discussions remained confidential. It has now confirmed an agreement.
The Credit Suisse proceedings are a subset of the litigation against IAL and other parties in the Federal Court relating to policies purportedly issued by BCC Trade Credit on behalf of IAL to Greensill entities.
IAG has maintained throughout that it holds no net insurance exposure to those policies, pointing to its sale of its stake in the underwriting agency and to the reinsurance and indemnity arrangements in place. The guidance language attached to today's settlement is consistent with that position and has not changed.
This is the second settlement IAG has announced in the Greensill litigation in four months. On May 29 2026, the company announced that IAL had settled the proceedings brought by Greensill Bank AG and Dr Michael C. Frege in his capacity as insolvency administrator of Greensill Bank AG. The aggregate face value of the claimed amounts in those proceedings was approximately A$4 billion plus interest, terms were confidential, and IAG said the settlement would not have a material impact on its financial position or FY26 financial results.
Read next: IAG could be dodging $3 billion Federal Court showdown with Credit Suisse, AFR reports
The structure of both announcements is the same: confidential terms, unchanged guidance and a stated reliance on anticipated recoveries from insurance, reinsurance and other indemnities. Neither release discloses a figure.
The proceedings brought by White Oak against IAL and other parties remain on foot, with an aggregate face value of approximately A$170 million plus interest. IAL continues to defend them.
IAL's defence in the Credit Suisse proceedings, as recorded by the Federal Court in a June 2026 ruling on expert evidence in the Greensill proceedings, was that the policies were not valid and that BCC was not authorised to issue them. The Credit Suisse proceedings were three of eleven being case-managed together in the Federal Court, with Tokio Marine entities, broker Marsh and BCC's former head of trade credit, Greg Brereton, among the named parties. Neither settlement announced so far has produced a published finding on either question.
Both settlements are confidential and neither carries published reasoning. The A$2.8 billion and A$4 billion figures are the face value of what was claimed, not what has been paid, and IAG has disclosed neither. Against guidance that has not moved across either announcement, the amounts remain unknown.
