- Shares of Insurance Australia Group rose 9% on Friday after the company bought reinsurance protection from a unit of Berkshire Hathaway of additional protection annually, and up to A$2.8 billion over the five-year period.
The agreements would"provide greater certainty over the cost of natural perils cover for customers, stabilise earnings and reduce capital requirements," said IAG Managing Director and CEO Nick Analysts at Citi said IAG's forecast is broadly in line with the brokerage's forecasts of 14.8%, and Visible Alpha consensus forecast of 14.6%, while suggesting"the benefit to reported margin is likely due to favourable weather."
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