Australasia
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The ICA has escalated its ‘significant event’ declaration to ‘insurance catastrophe’. -
November hailstorms and current storms and bushfires racked up claims.
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The event is the second billion-dollar SCS event to hit the country within a month.
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The carrier acquired the motor insurer in September last year.
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The storm outbreak follows similar events in the area in 2020 and 2023.
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The country's competition commission said the takeover would result in less competition.
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The broker said the A$45-per-share price discussed valued the firm appropriately.
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The carrier booked GWP growth of 6% for the first nine months of 2025.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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Under the terms of the offer, shareholders would receive A$45 for each AUB share.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
