Insurance Australia Group (IAG) has renewed its largest Whole of Account Quota Share (WAQS) agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., for the period of 1 January 2023 until 31 December 2029.
This renewed agreement takes up 20% of the total 32.5% WAQS program and provides IAG with a materially consistent financial outcome.
Negotiations for the remaining 2.5% are expected to be completed in the coming months.
The Strategic Relationship Agreement and the equity ownership Subscription Agreement originally announced in 2015 will not be continuing under the new arrangements.