IAG renews $10 billion catastrophe reinsurance, ups retention
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Insurance Australia Group Ltd. has renewed its $10 billion catastrophe reinsurance program for this year, but its maximum first-event retention has risen 75%, Artemis reported. IAG has also agreed to renew two of its whole account quota share arrangements with Munich Reinsurance Co. and Swiss Reinsurance Co. These quota shares represent 10% of the 12.5% whole of account program that is due to expire on June 30, with the new agreements effective from Jan. 1 with a term of five years.
