IAG has settled a dispute with Credit Suisse related to the collapse of Greensill that involved claimed amounts of about $2.8 billion plus interest. 

The terms of the settlement are confidential, the insurer said in a statement this morning. 

The Credit Suisse proceedings are a subset of litigation against IAG and other parties in the Federal Court relating to policies purportedly issued by underwriting agency BCC Trade Credit to Greensill entities.  

IAG had owned half of BCC Trade Credit before selling its holding to Tokio Marine Management (Australasia) on April 9, 2019. 

The insurer says the settlement will not have a material impact on is financial position or fiscal results this year, based on anticipated recoveries including from insurance and reinsurance arrangements and other indemnities. 

In May, the insurer reached a confidential agreement to settle proceedings brought by Greensill Bank AG and its insolvency administrator, with the aggregate face value of those claimed amounts about $4 billion plus interest. 

IAG says it continues to defend remaining proceedings brought by White Oak, which are still on foot and which involve claimed amounts of about $170 million plus interest.