Insurance Australia Group Ltd. said a settlement of proceedings brought by Credit Suisse entities over Greensill trade credit insurance policies hasn’t been finalized.
“IAG does not comment on confidential discussions between parties to litigation, however a settlement has not been finalized,” according to an IAG statement on Monday.
IAG said its position remains that, based on anticipated recoveries including from insurance and reinsurance arrangements and other indemnities, any settlement of the Credit Suisse proceedings wouldn’t be expected to have a material impact on IAG’s financial position or 2027 financial results.
A trial had been expected to start in the Federal Court in Sydney this week. An investment vehicle run by the now-defunct Credit Suisse has been seeking an insura
nce payout to help cover billions of dollars in losses on loans it bought from Greensill Capital. Lex Greensill’s trade finance firm has spawned myriad lawsuits worldwide since its 2021 collapse.
The months-long effort to put a Ryan Turner Specialty insurance unit in charge of a lucrative commercial policies clearinghouse in Florida may be far from over, after Ryan filed notice of intent to protest the awarding of the contract to another brokerage.
Tallahassee attorney Eduardo Lombard last week sent a letter to Citizens Property Insurance Co., notifying Florida’s state-created insurer that Ryan’s Risk Mar
ket Infrastructure LLC subsidiary has taken issue with the plan to give the clearinghouse contract to Bridge Specialty Group, a division of the national insurance brokerage Brown & Brown, based in Daytona Beach.
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Citizens announced Sept. 1 that it had awarded the contract to Bridge Specialty to develop
and administer a system that will help insurance agents move commercial policies from Citizens to qualified surplus lines insurers, similar to a residential policy clearinghouse that has been in use for years.
Citizens’ intent to award notice explained that if a contract cannot be worked out with Bridge, the insurer would seek to contract with the “next-ranked eligible vendor”—Risk Market Infrastructure.
That was not enough for the Chicago-based Ryan Turner, one of the largest U.S. brokerages that handles surplus lines coverage. Lombard’s letter did not explain the grounds for Ryan’s protest. Citizens has not said what the final contract may be worth.
“Please provide us with the estimated contract amount so that RMI can timely secure a protest bond,” Lombard’s Sept. 4 letter reads.
