Hurricane Dorian's Track Shift Lowers Loss Estimates For Insurers
Insurance and reinsurance companies were relieved somewhat after a shift in the expected path of Hurricane Dorian, which looked Tuesday morning like it would miss South Florida and may brush much of the Southeastern coast without making landfall. Several publicly traded insurance companies with heavy Florida exposure were down more than 5% last week, Morgan Stanley analyst Michael Phillips said in a Tuesday note. But with the shift in the forecast track, that may change. Among the insurance stocks hit hard last week were Heritage Insurance Holdings Inc (NYSE: HRTG ), down 8.3% last week, and Federated National Holding Co . (NASDAQ: FNHC ), HCI Group Inc (NYSE: HCI ) and United Insurance Holdings Corp . (NASDAQ: UIHC ) — all down more than 5%. “We'd expect a rebound to these names if Dorian tracks as currently predicted,” Phillips said. But the east coast isn’t fully out of danger, particularly areas farther north, including coastal Georgia, the Carolinas and even Virginia. Total damage, however, was looking lower than the $15 billion to $40 billion range projected last week. #Dorian remains a Category …
Hurricane Dorian's Track Shift Lowers Loss Estimates For Insurers
Insurance and reinsurance companies were relieved somewhat after a shift in the expected path of Hurricane Dorian, which looked Tuesday morning like it would miss South Florida and may brush much of the Southeastern coast without making landfall. Several publicly traded insurance companies with heavy Florida exposure were down more than 5% last week, Morgan Stanley analyst Michael Phillips said in a Tuesday note. But with the shift in the forecast track, that may change. Among the insurance stocks hit hard last week were Heritage Insurance Holdings Inc (NYSE: HRTG ), down 8.3% last week, and Federated National Holding Co . (NASDAQ: FNHC ), HCI Group Inc (NYSE: HCI ) and United Insurance Holdings Corp . (NASDAQ: UIHC ) — all down more than 5%. “We'd expect a rebound to these names if Dorian tracks as currently predicted,” Phillips said. But the east coast isn’t fully out of danger, particularly areas farther north, including coastal Georgia, the Carolinas and even Virginia. Total damage, however, was looking lower than the $15 billion to $40 billion range projected last week. #Dorian remains a Category …