Suncorp buys new $230mn sideways cover

Australasian giant Suncorp has tapped the reinsurance market for a
new A$300mn ($230mn) aggregate programme.
The programme will trigger above losses of A$460mn and cover
claims of greater than A$5mn, and will reduce the carrier's
earnings volatility.
The move comes after natural hazard claims for Suncorp's
2015-16 financial year came in A$60mn above its allowance,
following two east coast storms in June that it expected to cost
A$60mn-A$80mn.
However, post-tax natural hazard claims of A$511mn we