IAG renews $10 billion catastrophe reinsurance, ups retention
Posted On: Jan. 10, 2023 9:50 AM CST![Reinsurance](https://bicontent.businessinsurance.com/de0a2532-b1ff-4407-bf58-d891eb8d54df.jpg)
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.