Marsh books $144m quarterly Greensill charge as report says it pays largest share of Credit Suisse settlement

Marsh McLennan recorded a $144m charge in the third quarter of 2026 for settlement and legal expenses in the Greensill litigation, net of insurance recoveries, according to its earnings release filed with the SEC on 15 October. The charge for the first nine months of the year is $569m. Insurance Business reported the quarterly charge on 16 October together with new detail on how the Credit Suisse claim in Australia was shared out.

Two Credit Suisse supply chain finance funds had sued in the Federal Court of Australia over trade credit cover for Greensill notes with a face value of about A$2.8bn plus interest. Citing the Financial Times, Insurance Business said Credit Suisse secured about $800m (about A$1.2bn) and that Marsh, Greensill's broker since 2014, is understood to be covering the largest portion, with IAG and Tokio Marine also contributing. Berkshire Hathaway, which reinsures a large part of IAG's business, is reportedly expected to pay part. These amounts come from press reports, and Marsh has not admitted liability.

The settlement itself was announced earlier: IAG told the ASX on 25 September that its subsidiary Insurance Australia Limited (IAL) had agreed to settle the Credit Suisse proceedings. IAG says the deal will not have a material impact on its financial position or FY27 results, and Tokio Marine does not expect a material impact either, the report said.

The cover was written through Bond & Credit Co, a Sydney underwriting agency that IAG half-owned until it sold its stake to Tokio Marine in April 2019. Tokio Marine moved in July 2020 to stop the cover after finding that an underwriter had written policies beyond his authority, and Greensill collapsed in March 2021. US lender White Oak is still pursuing IAL in the Federal Court over a claim with a face value of about A$170m plus interest.