Tokio Marine H: Insurance underwriting for Green Sill: Australian BCC, 844 billion yen or more
March 19, 2021
Australia BCC:
“At one point, BCC was underwriting” insurance for Green Sill, which amounted to 844 billion yen. “
Tokio Marine Holdings:
Related to the bankrupt British financial company Greensil Capital.
Tokio Marine is facing more insurance underwriting and exposure than expected.
Reinsurance contract cover:
A person familiar with the situation revealed.
Reinsurance contract to reduce loss.
“The reinsurance policy didn’t cover the sector that was doing business with Greensil,” he said.
Tokio Marine H / Subsidiary: Australian BCC
The Australian BCC has underwritten A $ 10 billion in insurance for Green Sill.
However, it was not covered by a group consisting of multiple reinsurance companies.
Hannover Reinsurance, Squall, etc .:
Recently, I asked Tokio Marine H to clarify the situation surrounding Green Sill.
However, Tokio Marine H replied, “The exposure of these reinsurance companies is very small.”
Tokio Marine H, spokesperson:
In addition to this, he declined to comment on “Are there other reinsurance policies that cover Green Sill-related risks?”
A Hannover Reinsurance and Squall spokeswoman also did not comment.
–Bloomberg
https://www.bloomberg.co.jp/news/articles/2021-03-19/QQ7JCGDWX2PT01
DAILY DOSE: March 19, 2021
Tokio Marine Holdings Inc. disclosed its facing a large exposure to Greensill Capital.
Tokio Marine discovered that the reinsurance contracts intended to limit losses didn’t cover its unit that did the most business with Greensill.
Tokio’s Australia Bond & Credit Co. at one point wrote more than A$ 10 billion of insurance policies for Greensill.
SWFI
https://www.swfinstitute.org/news/85295/daily-dose-march-19-2021
Tokio Marine Faces Larger-Than-Expected Greensill Exposure
(Bloomberg)
Tokio Marine Holdings Inc.
is facing a larger-than-expected exposure to the Greensill Capital meltdownafter 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 by the Japanese company that
their exposure is negligible, the people said, asking for anonymity to discuss a private exchange.
https://uk.news.yahoo.com/tokio-marine-faces-larger-expected-082336232.html
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