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...Tokio Marine is being sued by investors seeking payouts on the credit insurance, but expects no material financial impact....
...The Bond and Credit Company’s parent company Tokio Marine earlier this year accused Greensill Capital of having “fraudulently obtained” these insurance policies....
...It also says that Tokio Marine failed to ensure that BCC provided “complete and accurate information” to IAG on the policies provided to Greensill....
...Tokio Marine, White Oak, IAG and a spokesperson for Lex Greensill declined to comment. Foreman said he had no additional comment....
...Shilpa Strong, chief innovation officer at the insurer’s Houston-based operation Tokio Marine HCC, will take up the chief executive role at Tokio Marine Management Australasia early next month, replacing...
...Tokio Marine has accused Greensill Capital of using “fraudulently obtained” insurance policies....
...That’s exactly the scenario a unit of Japanese insurance firm Tokio Marine is trying to persuade a court in Australia occurred in the case of collapsed finance firm Greensill Capital....
...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....
...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....
...The Greensill policies were underwritten by an Australian subsidiary of Tokio Marine named The Bond & Credit Co....
...Tokio Marine and Insurance Australia Group, which insured the bulk of Greensill’s riskier lending, have both accused Greensill of making “fraudulent” misrepresentations and declined to pay out on any claims...
...The original loan was flagged as part of an internal investigation by the insurance group Tokio Marine, whose decision to pull coverage of Greensill helped trigger its collapse....
...Seligmann took him on trips from Indonesia to Costa Rica to see the damage being wrought on marine and wildlife habitats....
...It works with dozens of insurers worldwide including the UK’s Aviva, Geico in the US and Japan’s Tokio Marine....
...In an emailed statement to the Financial Times, the Japanese group said that “prudent risk management, strong corporate governance and internal controls have been the foundation of Tokio Marine’s enduring...
...People with direct knowledge of Tokio Marine’s situation said the Greensill issue was dominating the attention of top management....
...Tokio Marine released a statement on Tuesday in response to a 5.5 per cent fall in its shares on the previous day....
...Tokio Marine has said publicly only that the insurance “covers the accounts receivable of the insured”....
...His risk management pitch is to bypass traditional brokers by allowing retail investors to deposit collateral in FTX accounts — either in the form of cash or crypto — to cover margin requirements for highly...
...Tokio Marine has declined to comment on its exposure to Greensill....
...Marine d’Hartoy, investment director at Stenham Asset Management, notes that “with going into the office less often you can have a smaller wardrobe of a few more expensive items.”...
...Those funds have insurance written by the likes of Insurance Australia Group and Tokio Marine....
...Tokio Marine has declined to comment on its remaining exposure to Greensill....
...But by the summer of 2020, Tokio Marine was alarmed at the amount of exposure it had to Greensill....
...But Kirin’s abrupt pullout from Myanmar and Tokio Marine’s embroilment in the Greensill debacle through its Australian subsidiary are just the most recent examples of Japanese companies where global expansion...
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