General
Lex Greensill’s finance empire formally enters administration; insurer IAG denies exposure
Australia’s biggest insurance company has had a rocky day on the sharemarket, as the collapse of Lex Greensill’s finance empire continues to ricochet.
Key points:
- The finance firm headed up by Australian billionaire Lex Greensill is in administration
- It follows speculation that insurance companies were refusing to renew policies
- Australia’s biggest insurance company says it is not exposed to the company’s collapse
After intense speculation over its solvency, administrators have formally been appointed to Greensill Group.
In the UK, Grant Thornton have formally been appointed to the two major entities that trade as Greensill Group, while its Australian parent company is also in voluntary administration with local counterparts.
“Greensill…
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