Stocks
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The asset manager and Oppenheimer’s former owner MassMutual have entered into an agreement which will bring Invesco’s total assets under management to $1.2 trillion.
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The initial estimate has come in at half its current Hurricane Irma gross loss. -
The insurer's reinsurance cover is expected to be only lightly impacted if losses reach the top end of its estimate.
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The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
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Terms of the deal were not disclosed.
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AIG said it has used about $700mn of its $750mn retention under its catastrophe aggregate reinsurance cover as it incurred $1.5bn to $1.7bn of Q3 losses.
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The fund is one of a number of new mutuals to launch in the sector.
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Initial modelled loss projections for the hurricane range from $2bn to $10bn.
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The typhoon is said to have hit third layers of some occurrence covers.
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The insurer said it was too soon to estimate losses within its property business, where it has a $60mn retention.
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A narrower view of exposures to Hurricane Michael suggests the two Florida insurers will bear the brunt of claims.
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Campbell Brown will be responsible for co-managing ILS investments across the firm’s platform.
