Tokio Marine Holdings, Inc. announced that its subsidiary Tokio Marine & Nichido Fire Insurance Co., Ltd. (President and CEO: Hiroaki Shirota; hereinafter “TMNF”) has agreed a settlement in a lawsuit filed by the former Credit Suisse (now UBS Group). TMHD does not anticipate any material impact on its financials for fiscal year 2026.
On September 24, 2026, TMNF(1) reached a settlement in the lawsuit filed by Credit Suisse (now UBS Group)(2). Confidentiality obligations preclude disclosure of the settlement’s specifics.
The lawsuit was filed in the Federal Court of Australia against Insurance Australia Limited (“IAL”), TMNF, BCC Trade Credit Pty Ltd (“BCC”), and other parties in relation to insurance policies purportedly issued by BCC on behalf of IAL to entities related to Greensill. Prior to the settlement described above, TMNF(3) reached a settlement on May 28, 2026, in litigation brought by Greensill Bank(4). The terms and other details of the settlement are not disclosed due to confidentiality obligations. These settlements do not constitute any admission of the plaintiffs’ claims or of any liability by TMNF.
1 The parties to the settlement include TMNF, BCC, and Tokio Marine Management (Australasia) Pty Ltd.
2 The plaintiffs are Credit Suisse Virtuoso SICAV-SIF In Respect Of The Sub-Fund Credit Suisse (Lux) Supply Chain Finance Fund and Credit Suisse Nova (Lux) In Respect Of The Sub-Fund Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund.
3 The parties to the settlement include TMNF, BCC, and Tokio Marine Management (Australasia) Pty Ltd.
4 The plaintiffs are Greensill Bank AG and Michael C. Frege, the firm’s insolvency administrator.
