Tokio Marine & Nichido Fire Insurance agreed on September 24 to settle a lawsuit brought in the Australian Federal Court by funds tied to Credit Suisse, now part of UBS Group, over insurance issued to entities linked to the collapsed financier Greensill. Tokio Marine Holdings, the insurer's parent, disclosed the deal on September 28 but said confidentiality obligations bar it from stating the settlement's terms.
The underlying case centred on insurance policies that BCC Trade Credit Pty Ltd, Tokio Marine's Australian subsidiary, is alleged to have issued as agent for Insurance Australia Limited to Greensill-related entities. The plaintiffs, Credit Suisse Virtuoso SICAV-SIF and Credit Suisse Nova (Lux), both supply-chain finance funds, had sued IAL, Tokio Marine & Nichido, BCC and other parties. The settlement covers Tokio Marine & Nichido, BCC and a related entity, Tokio Marine Management (Australasia) Pty Ltd.
This is the insurer's second confidential Greensill-related settlement in 2026. On May 28, Tokio Marine & Nichido separately settled a lawsuit brought by Greensill Bank AG and its insolvency administrator, Michael C. Frege, again without disclosing terms. In both cases, Tokio Marine Holdings said the settlements do not amount to an admission of the plaintiffs' claims or of any liability, and it expects the Credit Suisse settlement's impact on the current fiscal year's results to be minor.
In April 2022, Tokio Marine disclosed that its investigation had found Greensill had intentionally made false statements to BCC on underwriting matters from at least September 2018, and had withheld material facts at underwriting, renewal and amendment. Tokio Marine said this continued after BCC became an underwriting agent for its Australia branch on July 1, 2019, and persisted despite repeated disclosure requests from BCC starting in July 2020. On that basis, Tokio Marine notified Greensill and related parties that the insurance transactions were void from inception. What a settlement four years later actually cost either side remains locked behind a confidentiality clause.