IAG purchases additional catastrophe reinsurance cover

IAG has strengthened its reinsurance cover through the purchase of additional catastrophe protection.

IAG has strengthened its reinsurance cover through the purchase of additional catastrophe protection.

Details of the additional cover are:

  • $1 billion of gross protection in excess of $7 billion, including one prepaid reinstatement;
  • Placement to the extent of 80% to reflect existing quota share arrangements; and
  • A contractual period of 19 months, commencing 1 June 2017 and concluding on 31 December 2018.

IAG’s existing main catastrophe tower, up to $7 billion gross, operates on a calendar year basis and will be subject to renewal on 1 January 2018.

IAG Chief Financial Officer Nick Hawkins said: “We are always looking for ways to strengthen our reinsurance protection in a cost effective manner, and this purchase meets those requirements. It significantly extends the upper end of our gross protection.”

 

Last updated
09/06/2017