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Australia's biggest general insurer says it has no net exposure to Greensill

March 9 (Reuters) - Insurance Australia Group, the country’s largest general insurer, said on Tuesday it had no net exposure to UK-based supply chain finance firm Greensill Capital.

IAG, whose shares tumbled 10%, said since the sale of its 50% stake in trade credit insurance firm BCC to Tokio Marine in 2019 it no longer had exposure to Greensill.

Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and said that its largest client, GFG Alliance, had started to default on its debts. (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)

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