Japanese insurer Tokio Marine, which provided $US4.6 billion of coverage to Greensill credit notes, said that it was investigating the validity of those policies which it inherited when it bought Insurance Australia Group in 2019.
A source familiar with the situation said the policies were directly linked to the $US10 billion Credit Suisse funds.
The funds troubles are a blow for Credit Suisse boss Thomas Gottstein, who became chief executive in the aftermath of a spy scandal and just as the coronavirus crisis struck.Credit:AP
Credit Suisse said in a note to investors on Tuesday it had not been informed of any insurance cancellation until very recently, and that existing policies from Insurance Australia had remained unchanged.
Th…
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