Shares in Insurance Australia Group were smacked this morning before being put into a trading halt for a few hours over lunch. Rumours were swirling that IAG had a large exposure to the underwater finance firm Greensill. IAG clarified that Greensill’s exposure fell under the sale of its interest in underwriting group BCC which was sold to Toko Marine in 2019, and any claims in regard to policies written prior to that would be covered by an extensive reinsurance program. Shares entered the halt down ~10% and came out of the halt trading down around 1%.
MM are bullish IAG for income.
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