Zurich, Allianz insured transactions linked to Radiant World, FT reports (updated)
11/09/2026 05:52
(Updates with Allianz Trade response in the fourth bullet
point)
Sept 11 (Reuters) - Zurich Insurance Group ZURN.S and
Allianz ALVG.DE insured transactions linked to embattled iron
ore trader Radiant World, the Financial Times reported on
Friday.
Here are some details:
* Radiant World has come under pressure in recent months
after some banks froze its accounts and several trading houses
cut ties on concerns that invoices it provided to banks may not
have been valid. The company has denied wrongdoing.
* Zurich insured Radiant against non-payment from
multiple counterparties, including commodities major Glencore
GLEN.L , under a policy that provided cover in the double-digit
millions of dollars, the FT report said.
* Allianz Trade, the German insurer's trade credit insurance
arm, also insured Radiant against non-payment, although its
total exposure is smaller than Zurich's, the report added,
citing people familiar with that policy.
* In response to the FT report, both Zurich and Allianz
Trade told Reuters that they do not have any material exposure
to Radiant World, without giving details. Radiant World did not
immediately respond to a request for comment.
* On Monday, LAM Trade Finance Group II, in which U.S.
investment bank Jefferies JEF.N has a minority stake, applied
for a freezing injunction in Singapore against Radiant World and
its founder.
* Founded in the early 2000s, Radiant World became one of
the world's largest iron ore traders, handling more than 80
million metric tons of the steelmaking ingredient last year,
according to its website.
(Reporting by Shivani Tanna, Rishabh Jaiswal, and Gargi
Gupta in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi
Aich)
((mailto:ShivaniJayesh.Tanna@thomsonreuters.com;))