IAG says it has not reached a settlement with Credit Suisse in relation to the collapse of Greensill, after a newspaper reported the two main parties had agreed on terms following negotiations last week. 

The Australian Financial Review says the Federal Court has cancelled a hearing scheduled to begin today, with a brief mention hearing planned for next week, and the parties are expected to formally inform Federal Court judge Tom Thawley that the lawsuit has settled. 

The insurer released a statement on the news article to the Australian Securities Exchange this morning. 

“IAG does not comment on confidential discussions between parties to litigation, however a settlement has not been finalised,” it said. 

The insurer reiterated that based on anticipated recoveries including from insurance and reinsurance arrangements and other indemnities, any settlement would not be expected to have a material impact on its financial position or fiscal 2027 financial results. 

IAG says the matter relates to trade credit insurance policies purportedly issued by BCC Trade Credit Pty Ltd.