June 28 (Reuters) - Insurance Australia Group ( IAUGF )

said on Friday that it has bought reinsurance protection from

National Indemnity Company, a unit of Berkshire Hathaway ( BRK/A )

, and Canada Life Reinsurance to mitigate natural perils

volatility for the next five years.

The insurance giant said the agreements would provide up to

A$680 million ($451.86 million) of additional protection

annually, and up to A$2.8 billion over the entire five-year

period.

IAG noted that the reinsurance would effectively limit

natural perils costs to A$1.28 billion in FY25 for the firm.

The agreements would "provide greater certainty over the

cost of natural perils cover for customers, stabilise earnings

and reduce capital requirements," said Managing Director and CEO

Nick Hawkins.

The general insurer also confirmed it is poised to reach its

FY24 reported insurance profit and margin around the upper end

of its outlook ranges, and it is expecting its fiscal 2024 gross

written premium to be consistent with the "low-double digit"

forecast provided in February.

($1 = 1.5049 Australian dollars)