IAG
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually. -
CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June.
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The Australian carrier has also renewed a five-year whole-account quota share with Hannover Re.
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The carrier is increasing underlying rates to counter increased reinsurance costs and inflation.
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The carrier has increased its full-year perils cost estimate to A$1.15bn.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
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The carrier posted losses from various flooding and hail events hitting Australia in the past year.
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The carrier said that it intends to defend the proceeding.
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