AInvest Newsletter
Daily stocks & crypto headlines, free to your inbox
Insurance Australia Gains on Long-Term Reinsurance Deals with Berkshire Hathaway and Canada Life
ByAinvest
Thursday, Jun 27, 2024 9:24 pm ET1min read
Insurance Australia Group (IAG) rose 9% on the purchase of reinsurance from Berkshire Hathaway and Canada Life Reinsurance, aiming to stabilize earnings and reduce capital requirements. This agreement provides up to A$680 million in annual protection and up to A$2.8 billion over five years, limiting costs of natural disasters to A$1.28 billion in FY25. IAG's outlook for insurance profit and margin aligns with analyst expectations, and the firm anticipates consistent gross written premiums in line with low-double digit forecasts.
Ainvest News articles are AI-generated using advanced large language model (LLM) technology designed to analyze and synthesize publicly available data and news. While AI tools assist in producing initial drafts and insights, all AI generated content published on Ainvest is subject to comprehensive human editorial review before publication. A designated human editor reviews, verifies, and approves each article for factual accuracy, coherence, and compliance with AInvest Fintech Inc's editorial and disclosure standards.
Despite these review procedures, the information provided may still contain inaccuracies, incomplete data, or time sensitive references due to the inherent limitations of AI generated analysis and evolving changes. The material is provided strictly for informational and educational purposes and does not constitute personalized investment, legal, or financial advice. Readers should independently verify all facts, figures, and statements before making any decision based on this content.
AInvest Fintech Inc. its affiliates, and partners accept no liability or responsibility for any direct or consequential losses arising from reliance on this content. All articles and analyses are subject to revision, update, or removal without prior notice to maintain accuracy and integrity in our publications.
Comments
No comments yet