Insurance Australia Group (IAG) has told the Australian Securities Exchange (ASX) that a settlement of the Credit Suisse proceedings over Greensill-linked trade credit insurance policies is not finalised, pushing back on reporting that the long-running dispute had been resolved on the eve of trial.
The statement was released on the morning of 21 September 2026 and authorised by IAG's managing director and chief executive officer. It responds directly to an article published by The Australian Financial Review which reported that IAG and Credit Suisse had reached a settlement of proceedings brought against Insurance Australia Limited (IAL) and other parties.
"IAG does not comment on confidential discussions between parties to litigation, however a settlement has not been finalised," the company said.
IAG has not denied that discussions are under way. Its position is that those discussions remain confidential and that nothing has been concluded.
The Credit Suisse proceedings concern trade credit insurance policies purportedly issued by BCC Trade Credit Pty Ltd – the Sydney underwriting agency formerly known as Bond & Credit Co – in connection with entities linked to Greensill Capital, which collapsed into administration in 2021.
Trade credit insurance protects a business against the risk that its customers fail to pay. In the Greensill structure, that cover sat behind receivables that were packaged and sold on to investment funds. When Greensill failed, the question of whether those policies responded, and who stood behind the agency that wrote them, moved into the Federal Court.
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IAG has consistently maintained that it holds no net insurance exposure to the policies, pointing to its 2019 sale of its stake in the agency to Tokio Marine and to the reinsurance and indemnity arrangements struck at the time. That position has been tested across a case management list that at its peak ran to eleven interconnected proceedings, drawing in IAL, Tokio Marine entities, Greensill Bank AG, Credit Suisse supply chain finance funds, Greensill Capital (UK) Limited and broker Marsh. The disclosure fights alone have generated substantive rulings, including a Federal Court order compelling White Oak to produce WhatsApp messages in the Greensill insurance fight.
IAG restated its existing financial guidance in the same release. Based on anticipated recoveries, including from insurance and reinsurance arrangements and other indemnities, the group said any settlement of the Credit Suisse proceedings would not be expected to have a material impact on its financial position or FY27 financial results.
That language mirrors what the group said in May 2026, when it confirmed a confidential settlement with Greensill Bank AG and its insolvency administrator, Dr Michael C. Frege. Those claims carried a face value of approximately $4 billion and IAG said at the time that the resolution would not materially affect its FY26 results. No admission of liability was made.
Insurance Business Australia's earlier report has been updated to reflect the company's statement.
