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Tokyo Marine does not expect any significant impact in 2021 from Greensill



(Reuters) – Japanese insurance company Tokio Marine Holdings Inc. said on Tuesday that it does not currently expect any significant impact on its results for the fiscal year beginning next month as a result of its exposure to the fallout of Greensill Capital Pty Ltd .s

Tokio Marine made a statement in a statement the day after its shares fell 5.6% after a Bloomberg report that the Japanese insurance company was facing a larger than expected exposure to the insolvent British financial company.

"Our expected net exposure remains unchanged and therefore we see no need to adjust our financial guidance (for the year ending in March) and we do not currently expect any significant impact on our finances for the next financial year," the company said in a

Bloomberg reported that Tokyo Marie's Australian unit, which at one time wrote more than $ 1

0 billion ($ 7.7 billion) in insurance for Greensill, was not covered by an agreement with a key group of reinsurances. [19659002] for Greensill credit notes, $ 4.6 billion in contracts expired on March 1, court documents show.

The status of the remaining insurances and whether they are covered by reinsurance is not clear, but a spokesman said the company had reviewed this part of the insurance contracts before concluding that it would have no material effect.


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