Terrorism reinsurer renews $2.4 billion retro program

Terrorism reinsurer Australian Reinsurance Pool Corp. has renewed its retrocession program for this year with the same amount of coverage as in 2022 at $3.5 billion Australian ($2.41 billion), Reinsurance News reported. The retrocession, in addition to the reinsurer's net assets and the AUD10 billion Commonwealth guarantee, provides over AUD14 billion in pool capacity in response to a declared terrorism incident affecting commercial and other eligible property assets.