IAG's $1 billion reinsurance boost triggers shares spike
Insurance Australia Group | January 04, 2019
Insurance Australia Group’s shares spiked by 1.5% in the first half hour of trading last Thursday after the major insurer announced a $1 billion increase in its 2019 catastrophe reinsurance program. The group renewed its gross reinsurance protection to up to $9 billion for 2019, up from the prior year’s $ 8 billion, in anticipation of the modest increase in the underlying aggregate exposure in Australia and the approximate 5% growth in New Zealand.