Australasia
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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. -
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.
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The Australian broker, which owns Tysers, announced a trading pause.
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Declared events totalling just under A$2bn ($1.3bn) included one cyclone and two floods.
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IAG completed its takeover of RACQ last month.
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The assistant treasurer is also due to review the Australian cyclone pool.
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Losses were primarily driven by personal property lines.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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Nat-cat events triggered A$1.36bn of losses during the year.
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The carrier’s profit grew 34% for the year to A$1.35bn.
