Berkshire Hathaway's deals with Australian mega-cedant Suncorp sucked A$1.5bn of event limit out of the open market at its 1 July renewal, taking the heat out of a renewal that was initially expected to be both difficult and expensive.
As a consequence, The Insurance Insider understands that Suncorp escaped the punitive rate increases that some reinsurers had privately predicted after the heavy losses of 2010/11.
Sources said that the open market placement had made it home relatively easily with a...
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