Greensill settlement: Credit Suisse reportedly secures US$800m as Marsh discloses US$569m charge

Credit Suisse has reportedly secured approximately US$800m in a settlement involving insurance broker Marsh and trade credit insurers over the collapse of Greensill Capital, while a fresh US regulatory filing shows Marsh recorded US$569m of charges linked to the wider Australian litigation during the first nine months of 2026.

The reported recovery, disclosed by the Financial Times, relates to claims brought by two Credit Suisse supply chain finance funds against parties involved in Greensill’s trade credit insurance arrangements. Marsh is understood to be bearing the largest share, with Insurance Australia Group (IAG) and Tokio Marine also contributing.

The individual contributions have not been disclosed. The US$800m figure remains a reported settlement value rather than an amount independently confirmed by the parties.

The settlement itself was reached in September. It was previously reported following IAG’s announcement that the proceedings had been resolved on confidential terms. What is new is the reported financial scale and Marsh’s subsequent accounting disclosure.

In its quarterly filing with the US Securities and Exchange Commission, Marsh said it had recognised a US$144m charge for the three months ended 30 September and US$569m for the first nine months of 2026, both net of insurance proceeds.

Crucially, the US$569m is not the amount Marsh has agreed to pay Credit Suisse alone. It reflects settlements involving both Credit Suisse and the insolvent Greensill Bank, together with associated costs arising from the Australian proceedings.

Greensill’s business depended partly on financing receivables and distributing related exposures to investors. Trade credit insurance was an important element of the risk protection supporting those arrangements. Disputes over policy coverage and representations subsequently became central to the litigation following Greensill’s collapse in 2021.

Marsh said its settlements with White Oak, Greensill Bank and Credit Suisse conclude its own involvement in the Australian proceedings. It does not expect further charges relating to those matters.

That does not mean every Greensill insurance dispute has ended. IAG has separately disclosed an outstanding claim involving White Oak.

The new figures demonstrate how financial exposure arising from complex receivables structures can extend beyond the original lender and insurer to the intermediary arranging the credit protection.