Zurich, Allianz insured transactions linked to Radiant World: report

Radiant World, an embattled iron ore trader, is facing scrutiny over invoices it provided to banks, with concerns raised that these documents may not have been valid. This has led to some banks freezing Radiant World's accounts and trading partners cutting ties due to doubts about the legitimacy of its invoices. The Financial Times reported on September 11 that both Zurich Insurance Group and Allianz Trade, the German insurer's trade credit insurance arm, insured Radiant World against non-payment from multiple counterparties, including commodities giant Glencore.

The total exposure of Zurich to Radiant World is in the double-digit millions of dollars, while Allianz's exposure is smaller, according to the report. However, Zurich stated that it "does not have any material exposure to Radiant World," and Radiant World has denied any wrongdoing.

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