The resolution comes days after Insurance Australia Group disclosed a similar settlement of Credit Suisse-related claims arising from the Greensill collapse.
The deal covers claims with an aggregate face value of about A$2.8bn (US$1.96bn) plus interest, leaving only White Oak's claims of about A$170m outstanding.
The insurer said any settlement would not be expected to have a material impact on its financial position or FY2027 results, based on anticipated recoveries.
The sentencing includes a HK$3.7m (US$471,626) restitution order in favour of CCB Asia, reflecting the value of cryptocurrency bribes accepted by the former banker.
The insurer's potential exposure will hinge on legal and contractual proceedings following the project's termination over force majeure and war-risk circumstances.
The insurer will pursue a further appeal after an appellate authority confirmed a disputed GST demand and penalty relating to the period between July 2017 and March 2022.
Both insurers responded to a Financial Times report on their cover for the trader, which is accused of raising bank credit against invoices for trades that did not exist.
