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Tokio Marine Faces Larger-Than-Expected Greensill Exposure (2)

March 19, 2021, 3:09 PM

Tokio Marine Holdings Inc. is facing a larger-than-expected exposure to the Greensill Capital meltdown after finding that reinsurance contracts intended to limit losses didn’t cover its unit that did the most business with Greensill.

Tokio’s Australia Bond & Credit Co. -- which at one point wrote more than A$10 billion ($7.7 billion) of insurance policies for Greensill -- isn’t covered by contracts with a key group of re-insurers, according to people familiar with the matter. A group of the companies, including Hannover Rueck SE and Scor SE, recently asked Tokio Marine to clarify the Greensill situation and were told ...

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