** Shares of Suncorp Group SUN.AX rise 2% to A$22.04, hitting a record high
** Insurer says cost of cover for FY26 reinsurance program structure is lower than in FY25
** Maximum event retention will be A$350 million ($230.13 million) for a first and second large event - co
** Adds total cost of FY26 catastrophe reinsurance program expected to be lower than in FY25
** Stock rose as much as 2.5% earlier in the day, marking its biggest intraday gain since early June
** Although FY26 hazards allowance may be a little higher than previously expected, this should have minimal impact on margin given lower reinsurance cost - Citi
** Stock up 16.4% this year, including the day's move
($1 = 1.5209 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com))
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