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Greensill's Overnight Fall From Grace Was Months in the Making

Greensill's Overnight Fall From Grace Was Months in the Making
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Greensill's Swift Fall Was Triggered by Insurer Who Balked

(Bloomberg) The seeds for the rapid disintegration of Lex Greensill’s empire were sown eight months ago, when a little-known Australian insurer called Bond and Credit Company decided not to renew insurance policies covering $4.6 billion in corporate loans backed by the financier’s firm. The policies were due to lapse on March 1, prompting a last-ditch effort from Greensill’s supply-chain firm to take the insurer to court in Australia, warning that losing insurance coverage for its 40 or so clients could spark defaults and put 50,000 jobs at risk. But late on Monday a judge in Sydney struck down Greensill’s injunction, triggering a series of events that have since reverberated around the world. Hours later in Zurich, Credit Suisse Group AG suspended a $10 billion family of funds that invested in debt arranged by Greensill Capital, choking off a key source of funding that’s left the tycoon’s namesake firm struggling for survival. Germany’s financial regulator BaFin has al ....

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Seeds of Greensill Capital's Swift Fall Triggered when Credit Insurer Balked at Renewal

Seeds of Greensill Capital’s Swift Fall Triggered When Credit Insurer Balked at Renewal
By Lucca de Paoli and Nabila Ahmed | March 3, 2021
The seeds for the rapid disintegration of Lex Greensill’s empire were sown eight months ago, when a little-known Australian insurer called Bond and Credit Company decided not to renew insurance policies covering $4.6 billion in corporate loans backed by the financier’s firm.
The policies were due to lapse on March 1, prompting a last-ditch effort from Greensill’s supply-chain firm to take the insurer to court in Australia, warning that losing insurance coverage for its 40 or so clients could spark defaults and put 50,000 jobs at risk. But late on Monday a judge in Sydney struck down Greensill’s injunction, triggering a series of events that have since reverberated around the world. ....

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