IAG has been struggling for the last 2-years and the news overnight that the insurer had been hit by a $45m claim tied to the Greensill Capital collapse is likely to weigh on the already out of favour stock this morning. Even if they successfully defend the claim nothing good can come of it and of course lawyers will make fees. We haven’t been a fan of IAG since exiting the stock around 10% higher back in August but if we see accelerated weakness on the news, down towards $4, it will be tempting to revisit the play.
MM will consider IAG if it tests $4 in the coming weeks
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