Update: Suncorp Places Main Catastrophe Program for Fiscal Year 2027; Shares Fall 3%

(Updates to add stock movement in the headline and the last paragraph) Suncorp Group (ASX:SUN) placed its main catastrophe program for the fiscal year 2027, which maintains the maximum event retention of AU$350 million for a first and second large event, covering the home, motor, and commercial property portfolios across Australia and New Zealand, according to a Friday Australian bourse filing. Suncorp's five-year aggregate reinsurance arrangement began on June 30, with the aggregate cover providing AU$800 million of protection annually, up to AU$2.4 billion in total, over the five years. The fiscal 2027 attachment point for the aggregate cover is AU$1.85 billion. The catastrophe cover protects losses between AU$500 million and AU$6.4 billion, and includes one full prepaid reinstatement. Group dropdown covers for losses between AU$350 million and AU$500 million were purchased in relation to the third and fourth events. The firm's total reinsurance costs in fiscal year 2027 are expected to be higher than in fiscal year 2026, reflecting the inclusion of the aggregate reinsurance cover and exposure growth, partly offset by improved pricing in the main catastrophe program. Its.