Hints and tips:
...Tokio Marine is being sued by investors seeking payouts on the credit insurance, but expects no material financial impact....
...BaFin, Tokio Marine, IAG and a spokesperson for Lex Greensill declined to comment. Legal representatives for Brereton did not immediately respond to an FT request for comment....
...“The response from Tokio Marine is very significant....
...In the filing, IAG alleges that from the middle of 2019 Tokio Marine failed to ensure that its underwriting unit BCC, and the lead underwriter for Greensill, Greg Brereton, kept within the scope of what...
...Lloyd’s insurers Tokio Marine Kiln, Chaucer and Liberty Specialty Markets are among those that have pledged to hold the risk for a total of £500mn of insurance coverage written in partnership with these...
...In recent years, 44 of the world’s biggest insurers, including five that have previously insured Carmichael — Brit, Apollo, Tokio Marine Kiln, Aspen and Ascot — have said they will not provide coverage to...
...White Oak argues that from at least July 2020, Marsh was aware that Tokio Marine, Greensill’s lead insurer, had taken the decision not to extend further insurance to the group....
...Tokio Marine served notice on that insurance last year after firing an underwriter at BCC for allegedly exceeding his risk limits with relation to Greensill....
...In March, IAG said it had passed its Greensill exposure that was not covered by reinsurance to Tokio Marine as part of the 2019 sale of BCC. Greensill, IAG and Tokio Marine declined to comment....
...He said the group was told by Tokio Marine Kiln this week that its policy only covered one-off incidents....
...Four years ago, Greg Brereton, an underwriter at a little-known Sydney insurance firm, exchanged emails with Lex Greensill, the founder of a specialist lending business that was flying high....
...Greensill’s business model ultimately collapsed after it failed to replace Tokio Marine, which told Greensill in September 2020 that it would not renew its cover....
...Japanese underwriter Tokio Marine has accused Greensill Capital of using “fraudulently obtained” insurance policies, firing the latest salvo in the battle over who pays for the collapse of the UK-based supply...
...I sat with the morning sun on my face, a brew in hand and my back against the old lime kilns of Ard Neakie island....
...“The US, the UK and the EU have tried to harmonise their sanctions, but there are still significant differences and each one is a pitfall,” says Neil Roberts, head of marine and aviation at the insurance...
...At Lloyd’s, marine, aviation, transport and energy made up 12 per cent of business in 2020....
...India granted permission for ships to enter its ports covered by certain Iranian underwriters. Iran has its own P&I insurer, Kish, created as western insurers pulled back....
...Tokio Marine investors have chafed at a lack of detail regarding reinsurance arrangements and what exactly the BCC policies covered....
...Tokio Marine, which acquired Sydney-based underwriter Bond & Credit Co in 2019, said it continues to assess the validity of the insurance policies at the heart of Greensill’s downfall....
...According to court documents released last week, Tokio Marine notified Greensill of its decision to stop coverage in July after it discovered that an underwriter at BCC had exceeded his risk limits, insuring...
...It also emerged in March that BCC’s lead underwriter for Greensill had been dismissed last year for allegedly exceeding his risk limits, triggering an urgent investigation by Tokio Marine to establish the...
...That started a futile race for the lender and its insurance broker Marsh to replace Tokio Marine with another underwriter....
...But by the summer of 2020, Tokio Marine was alarmed at the amount of exposure it had to Greensill....
...Whatever specific development alarmed Tokio Marine last summer, its decision to stop coverage — unknown to the wider world — spelt the end....
...The underwriter was dismissed. Tokio Marine has declined to comment on its exposure to Greensill....
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