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IAG is dealing with $7 billion in claims related to insurance provided by a former subsidiary including policies issued to collapsed financier Greensill Capital.
The supply chain finance group and its founder Lex Greensill have avoided responding to allegations by former client Bluestone Resources after the US coal miner dropped its lawsuit.
The Sydney-based insurer is defending claims from the administrator of a bank named for Bundaberg-born financial whiz Lex Greensill.
Fallen Australian financial wizard Lex Greensill has been accused of hiding details of related-party deals and phantom customers when securing insurance for some of his firm’s biggest clients.
The insurer says it was in the dark about policies a half-owned insurance agency was signing.