Marsh books $144 million charge from Greensill litigation in Q3
By Rebecca Delaney Oct 15 (The Insurer) — Marsh disclosed on Thursday it had booked a $144 million charge from settlement and legal expenses related to the Greensill litigation in the third quarter of 2026, net of insurance recoveries. Marsh said in a 10-Q filing on Thursday that Marsh Ltd, Marsh Pty Ltd and other parties reached a settlement with Greensill Bank and its insolvency administrator in June. The Q3 charge brings the broker's total settlement and legal expenses connected to the Australian proceedings to $569 million in the first nine months of 2026, net of insurance recoveries, having recorded a gross liability of $425 million in Q1. The 10-Q filing said the recorded liability for the three and nine months ended September 30, 2026 reflects the settlements with Greensill Bank and Credit Suisse, and related costs. The charges have been booked in Marsh's risk and insurance services segment. "The settlements with White Oak, Greensill Bank and Credit Suisse conclude Marsh's involvement in the Australian proceedings, and the Company does not expect to incur any further charges in connection with these matters," Marsh said in the filing. Speaking on Marsh's Q3 earnings call, ch
By Rebecca Delaney Oct 15 (The Insurer) — Marsh disclosed on Thursday it had booked a $144 million charge from settlement and legal expenses related to the Greensill litigation in the third quarter of 2026, net of insurance recoveries. Marsh said in a 10-Q filing on Thursday that Marsh Ltd, Marsh Pty Ltd and other parties reached a settlement with Greensill Bank and its insolvency administrator in June. The Q3 charge brings the broker's total settlement and legal expenses connected to the Australian proceedings to $569 million in the first nine months of 2026, net of insurance recoveries, having recorded a gross liability of $425 million in Q1.
The 10-Q filing said the recorded liability for the three and nine months ended September 30, 2026 reflects the settlements with Greensill Bank and Credit Suisse, and related costs. The charges have been booked in Marsh's risk and insurance services segment. "The settlements with White Oak, Greensill Bank and Credit Suisse conclude Marsh's involvement in the Australian proceedings, and the Company does not expect to incur any further charges in connection with these matters," Marsh said in the filing.
Speaking on Marsh's Q3 earnings call, chief operating officer and chief financial officer Mark McGivney affirmed: "As disclosed in our 10-Q this morning, we have settled our involvement in this litigation and do not expect any additional charges relating to the case." Marsh has previously disclosed that it had been engaged by supply chain financier Greensill Capital (UK) Limited and its affiliates as its insurance broker from 2014, during which time it placed several trade credit insurance policies for the company. The collapse of Greensill Capital in 2021 led to several litigation in Australia, Germany, Switzerland, the UK and the US.
Last month, Insurance Australia Limited agreed to settle Federal Court proceedings brought by Credit Suisse entities over trade credit policies linked to the collapse of supply-chain finance firm Greensill. This followed an agreement in May to settle a A$4 billion lawsuit brought by Greensill Bank AG and its insolvency administrator, Michael C Frege. Elsewhere, Tokio Marine disclosed an increased reserve provision related to the Australia litigation in its 2025 fiscal year results in May.