Insurance Australia Group Settles A$2.8 Billion Credit Suisse Lawsuit

Insurance Australia Group reached a settlement on Friday to resolve a A$2.8 billion lawsuit brought by Credit Suisse. The legal dispute centered on losses following the 2021 collapse of Greensill Capital, specifically involving policies issued to Greensill entities by IAG unit BCC Trade Credit.

IAG declined to disclose the specific terms of the agreement due to confidentiality but stated the settlement will not materially impact its 2027 financial results. This resolution follows a separate A$4 billion settlement the company previously reached with administrators of Greensill Bank.

UBS Group, which acquired Credit Suisse after its 2023 collapse, did not immediately comment on the deal. While this specific case is resolved, IAG still faces ongoing proceedings brought by White Oak against Insurance Australia Limited, with claims totaling nearly A$170 million.