IAG swaps premiums for Berkshire fee
Insurance Australia Group said its deal with Berkshire Hathaway will give it income stability and free up A$700m (£346m) of capital to pursue growth.
The two companies agreed a 10-year quota share, where a Berkshire Hathaway investment vehicle will take 20% of IAG's gross written premium - around A$1.5bn and then pay 20% of IAG's claims.
IAG will
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