QBE (ASX:QBE) share price falls on Greensill update

The QBE Insurance Group Ltd (ASX: QBE) share price is slipping today after the company clarified its exposure to the now insolvent Greensill Capital.

At the time of writing, QBE Insurance is trading down 2.1% to $9.57 per share.

QBE shines a light on Greensill exposure

The Greensill saga has implicated many entities – as the once $9 billion valued supply-chain financier becomes insolvent and faces liquidation.

As previously reported, Greensill’s business of providing funds to suppliers awaiting accounts receivable to purchasing businesses came under pressure when COVID-19 hit. After becoming heavily weighted to a handful of clients, cracks quickly propagated when these loanees could not repay their debts.

Prior to the collapse,…