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...Insurance group Zurich has accused financier Lex Greensill, steel magnate Sanjeev Gupta and certain of their companies of a “conspiracy” to deceive its underwriters and create sham debts....
...Howden, the UK insurance broker, has secured £500mn of insurance capacity from a group of Lloyd’s of London firms for a newly launched division that aims to turn tech start-ups into mini underwriters....
...Shipping insurers have privately expressed concern at the use of insurance as the enforcement mechanism for the cap, given that underwriters do not typically track the trading price of a cargo....
...Civil unrest has caused more than $10bn of insurance and reinsurance losses across the globe since 2015 compared with less than $1bn from terrorist attacks, spooking underwriters and fuelling a surge in...
...White Oak was one of the firms to invest in Greensill’s ill-fated receivables scheme, arising from goods and services sold by Liberty Commodities, part of Sanjeev Gupta’s GFG Alliance....
...Lady Homa Alliance — who is married to Lord Alliance, the Iranian-born entrepreneur who chaired N Brown between 1968 and 2012 — bought almost 13mn shares over seven days, paying between 25.9p and 30p a share...
...He added that underwriters were increasingly asking potential clients questions such as whether their net zero strategy had been independently reviewed....
...insurer The Bond & Credit Co, set out his defence in a court filing in response to a case brought by US investment firm White Oak, which bought some of the debts owed to Greensill Capital by steel group GFG Alliance...
...The other two of the big three trade credit underwriters, Coface and Atradius, never insured Greensill, according to people familiar with the matter....
...Vessel Viewer, announced at a marine underwriters’ conference last week in Chicago, is one of the fruits of the Net Zero Asset Owner Alliance established at the United Nations’ 2019 climate action summit...
...On Thursday, SVB and its underwriter Goldman Sachs raced to complete the share offering....
...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....
...But frankly, the RSF, having built an alliance with regional actors in the Haftar LNA government in Libya, some of the rebels in Chad and then the Touadéra regime in the Central African Republic, there’s...
...Didi’s apps remain suspended from app stores while the two other companies, Boss Zhipin and Full Truck Alliance, were finally allowed to begin signing up new users on Wednesday....
...One thing to start: Citigroup has been given the go-ahead for a court bid to shut down three UK companies in Sanjeev Gupta’s GFG Alliance, a move that would hit large swathes of the metals magnate’s British...
...News round-up Pfizer to buy biotech group Biohaven for $11.6bn (FT + Lex) Philip Morris/Swedish Match: nicotine alternatives in vogue (Lex) Sanjeev Gupta fights to prop up GFG Alliance in twin legal battles...
...Underwriters and companies must be careful when pushing the boundaries to define green and sustainable debt....
...Shares in Full Truck Alliance have fallen since the company went public last week, giving it a market capitalisation of less than $20bn....
...The same underwriter had previously been personally lobbied by David Cameron, the former UK prime minister who was an adviser to Greensill....
...In April, insurers led by Axa formed the Net-Zero Insurance Alliance, pledging to extend climate commitments to their underwriting decisions — with the substance yet to be released....
...Tokio Marine, BCC, Greensill, Credit Suisse and GFG Alliance declined to comment. Brereton did not respond to requests for comment....
...In April, Barclays appears to have breached its own climate policy when it acted as a lead underwriter for a $216m bond deal for US-based utility Monongahela Power....
...Some of these claims related to companies belonging to industrialist Sanjeev Gupta’s GFG Alliance, one of Greensill’s biggest clients, the report added....
...GFG Alliance on Wednesday said it had agreed terms to refinance its Australian steel plant and associated mines....
...Greensill lent money to corporate customers including Sanjeev Gupta’s GFG Alliance and securitised the debt into notes that were put into funds at Credit Suisse and sold to investors....
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