, also reveal the insurer had alerted Australian prudential regulators about the alleged internal breaches in late June 2020. That was nine months before Greensill Group’s fast-finance business imploded.The emails stretch from Australia to the United States and Japan over a month, as multiple alleged breaches of internal regulations were uncovered.
Both insurers have rejected associated insurance claims and Tokio Marine unsuccessfully attempted to strike out some legal actions against it in the Federal Court, filing the batch of emails in that process. But Bond & Credit’s Mr Guy wrote to colleague Mark Callahan, a Tokio Marine specialty insurance division executive, on June 2, 2020, questioning alleged internal rule breaches, saying even under older rules the most that could be covered for a particular customer was $75 million.“So what I can’t understand is how could have agreed to which appears above amount. This just doesn’t make sense,” Mr Guy said.under internal investigation over alleged rules breaches.
Mr Brereton took sick leave the next day, a Friday. By that afternoon, his superior Mr Guy was emailing other colleagues including directors at Tokio Marine’s Australian entity, alleging Mr Brereton had approved limits by email and not entered them in the company’s internal insurance system “therefore circumventing all protocols we have in place”.
Emails flew back and forth between executives and directors over the weekend and Monday, including discussions on what external auditors should investigate. “We would appreciate your engagement with the audit as a matter of urgency,” Tokio Marine’s Australian entity audit committee chairman Bruce Bowers wrote to auditors.