Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Tokio Marine Holdings, Inc.
  6. News
  7. Summary
    8766   JP3910660004

TOKIO MARINE HOLDINGS, INC.

(8766)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Credit Suisse preparing further insurance claims for Greensill-linked funds

09/07/2021 | 07:24am EDT
cabFILE PHOTO: A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City

ZURICH (Reuters) - A first insurance claim has been filed and more are being prepared in Credit Suisse's efforts to recover funds from its insolvent supply chain finance linked to Greensill, the Swiss bank said on Tuesday.

The collapse of Credit Suisse's $10 billion worth of supply chain finance funds in March kicked off a tumultuous period for the bank, which together with a multi-billion dollar loss related to family office Archegos prompted a raft of executive oustings.

"A first insurance claim has been filed and (Credit Suisse Asset Management) is currently preparing to file additional claims through Greensill Bank and with the assistance of Greensill Capital UK," the bank said in a document on its website. A spokesperson said no further information could be provided regarding the insurance claims at this time.

Credit Suisse has been working with advisors and external experts to help recoup the funds, some $7.0 billion, or 70%, of which have now been recovered, the bank said on Tuesday, up from $6.1 billion in early July.

Around $5.9 billion of that has been returned to investors so far after the last payment in August.

Even so, the pool of late payments had grown during the period, with the bank saying roughly 85% of the outstanding notes related to payment that had not been made on time.

As of end-August, the funds had accumulated some $2.5 billion in late payments, Credit Suisse said, $2.2 billion of which were related to three single counterparties, the biggest of them steel tycoon Sanjeev Gupta's GFG Alliance, which are experiencing repayment issues.

The bank expects the funds to accrue around $145 million this year in recovery costs, it said on Tuesday, as it focuses on some $2.3 billion in loans provided by Greensill to the three counterparties, GFG, Katerra and Bluestone.

It said talks were ongoing regarding the refinancing and restructuring of GFG's assets in the United States and Britain, while discussions with West Virginia governor Jim Justice's coal company Bluestone Resources were unlikely to yield any payments or agreements before the fourth quarter.

Tokio Marine's Australian unit has provided insurance to speciality finance firm Greensill, but the Japanese group has said it is investigating the validity of those policies and, as of May, expected no material impact on its earnings from the matter.

(Reporting by Brenna Hughes Neghaiwi Silke Koltrowitz, Editing by Michael Shields and Emelia Sithole-Matarise)

By Brenna Hughes Neghaiwi


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BLUESTONE RESOURCES INC. -2.94% 1.65 Delayed Quote.-13.71%
CREDIT SUISSE GROUP AG 1.41% 9.766 Delayed Quote.-15.53%
SOFTBANK GROUP CORP. -3.37% 6387 End-of-day quote.-20.74%
TOKIO MARINE HOLDINGS, INC. -1.11% 6035 End-of-day quote.13.70%
All news about TOKIO MARINE HOLDINGS, INC.
10/19TOKIO MARINE : Announcement regarding the Application for the “Prime Market,” ..
PU
10/18TOKIO MARINE : Uploaded "Integrated Annual Report 2021"
PU
10/18TOKIO MARINE : Pdf (26.3mb)
PU
10/12TOKIO MARINE : and Luup form a capital and business alliance to improve micromobility (25K..
PU
10/07TOKIO MARINE : Receives Award for Excellence in Corporate Disclosure from the Securities A..
PU
10/05TOKIO MARINE : Announcement regarding progress of the share repurchases (24KB)PDF
PU
10/05Tranche Update on Tokio Marine Holdings, Inc.'s Equity Buyback Plan announced on Septem..
CI
09/29TOKIO MARINE : Concept & Design Philosophy of New Headquarters Building (80KB)PDF
PU
09/29REVISION OF “TOKIO MARINE : Our Climate Strategy” (93KB)PDF
PU
09/29TOKIO MARINE HOLDINGS, INC. : Ex-dividend day for interim dividend
FA
More news
Analyst Recommendations on TOKIO MARINE HOLDINGS, INC.
More recommendations
Financials
Sales 2022 5 543 B 48 738 M 48 738 M
Net income 2022 329 B 2 893 M 2 893 M
Net Debt 2022 - - -
P/E ratio 2022 12,6x
Yield 2022 3,83%
Capitalization 4 141 B 36 424 M 36 405 M
Capi. / Sales 2022 0,75x
Capi. / Sales 2023 0,73x
Nbr of Employees 43 257
Free-Float 94,4%
Chart TOKIO MARINE HOLDINGS, INC.
Duration : Period :
Tokio Marine Holdings, Inc. Technical Analysis Chart | 8766 | JP3910660004 | MarketScreener
Technical analysis trends TOKIO MARINE HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 13
Last Close Price 6 035,00 JPY
Average target price 6 507,69 JPY
Spread / Average Target 7,83%
EPS Revisions
Managers and Directors
Satoru Komiya President, Group CEO & Representative Director
Tsuyoshi Nagano Chairman
Susumu Harada Managing Executive Officer & Head-Group IT
Kenji Okada MD, Head-Compliance & Legal Affairs
Akio Mimura Independent Outside Director
Sector and Competitors
1st jan.Capi. (M$)
TOKIO MARINE HOLDINGS, INC.13.70%36 824
AMERICAN INTERNATIONAL GROUP, INC.58.51%51 321
THE TRAVELERS COMPANIES15.67%39 944
THE ALLSTATE CORPORATION16.44%37 847
SAMPO OYJ34.51%29 957
INTACT FINANCIAL CORPORATION12.65%24 176