Jan 4 (Reuters) - Insurance Australia Group Ltd (IAG) has...

Jan 4 (Reuters) - Insurance Australia Group Ltd (IAG)

• has finalised its catastrophe reinsurance program for 2017 calendar year
• reinsurance program constructed in a similar manner to prior years, and provides gross reinsurance protection of up to $7 billion
• iag retains first $250 million of each loss ($200 million post-quota share), with three prepaid reinstatements secured for lower layer of main program
• iag's 2017 catastrophe reinsurance program contains an increased multi- year component, which involves several counterparties
• program covers all territories in which iag operates, with exception of its joint venture interest in India
• in addition, IAG has a separate natural perils cover of $96 million in excess of $680 million
• combination of all catastrophe covers results in post-quota share first event retentions of $200 million for australia, nz$200 million for NZ