Former Greensill Capital insurer Bond & Credit Co suffered from “weak” underwriting due diligence and did not robustly review its insurance buyers, an internal review has revealed.
Credit Co suffered from “weak” underwriting due diligence and did not robustly review its insurance buyers, an internal review has revealed.
Insurance was a key part in the now-defunct supply chain finance business of Greensill Capital and Greensill Bank, which involved packaging up invoice “receivables” from companies and selling them to external entities including Credit Suisse.Investors in these packaged receivables assumed they could claim on insurance policies if the companies that owed money on the invoices defaulted.
Documents from a meeting held in June 2022 discussing Tokio Marine’s Australian business strategy do not refer to Greensill Capital but outline “lessons learned from the BCC event”.lack of a robust buyer review processlack of alignment between underwriting limits and organisation structure Tokio Marine said “prudent risk management, strong corporate governance and internal controls” were the foundation of its success.
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