IAG Reduces Risk and Releases Capital with New Quota Share Deals. FVE Increases to AUD 6.80
Insurance Australia Group has delivered on foreshadowed capital management and risk mitigation, implementing three new quota share agreements covering 12.5% of the business. The quota share deals start in January 2018 and reduce earnings risk and release capital, but do not materially impact bottom-line profitability. The new quota share deals complement the 10-year 20% quota share agreement undertaken with U.S. global insurer Berkshire Hathaway Inc in 2015. Collectively, the deals remove downsi...Insurance Australia Group is engaged in the underwriting of general insurance and related corporate services and investing activities. Co.'s business divisions are: Consumer, which includes short tail insurance such as motor vehicle and long tail insurance such as compulsory third party, as well as travel insurance, life insurance, income protection and funeral products; Business, which provides business and farm insurance, and workers' compensation services; New Zealand, a general insurance provider in New Zealand; Asia, which provides personal and commercial insurance products through local brands in Asia; and Corporate and other, which includes placement of Co.'s reinsurance program.
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