Insurance Australia Says It Has No Net Exposure to Greensill (1)

Shares in Insurance Australia Group Ltd. pared declines after the company said it has no net insurance exposure to trade credit policies sold to the collapsed U.K.-based supply chain finance firm Greensill Capital.

After selling a 50% holding in trade credit insurance firm Bond & Credit Co. to the Sydney unit of insurer Tokio Marine Holdings Inc. in April 2019, IAG said it no longer had exposure, including those policies sold through BCC. The stock recovered from an 11% tumble, the most since June 2010, to close 4% lower after a trading halt was lifted following its statement.

IAG was ...