The insurance giant’s move to lock in potential stability in its earnings against unpredictable extreme weather events in Australia and NZ has been welcomed by investors and analysts.
IAG now has a comprehensive five-year natural perils reinsurance agreement, starting from July, with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc, and Canada Life Reinsurance, which provides up to $680m of additional protection annually and up to $2.8bn over the entire five-year…