Florida Insurers Brace for Hurricane Matthew Losses (UVE) (ALL) (AIG) (MET) (PGR) (TRV)
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
With Hurricane Matthew bearing down on Florida's Atlantic Coast, analysts are busy putting pencil to paper to try go figure out losses and exposure.
FBR Capital analyst Randy Binner is assuming an insured event between $3 billion and $7 billion. They believe the hurricane will affect the following names they cover: AIG (NYSE: AIG), Allstate (NYSE: ALL), MetLife (NYSE: MET), Progressive Corp. (NYSE: PGR), and Travelers (NYSE: TRV).
"This level of event will likely be notable for earnings of exposed insurers, but it is not a large event in terms of industry capital capacity," the analyst said. "In addition, an industry event of this size does not appear likely to materially trigger reinsurance in most cases, so our initial expectation is that primary insurers likely will take the majority of losses."
They estimate the following incremental EPS losses for 4Q16E: ALL at $0.16, AIG at $0.08, HIG at $0.08, MET at $0.01, PGR at $0.05, and TRV at $0.07. PGR.
Another Florida residential insurer being impacted, but not one coverage by FBR, is Universal Insurance Holdings (NYSE: UVE). Shares of UVE are down 15.6% today ahead of the storm.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.25/Share
- Jefferies Raises Price Target on Finisar (FNSR) to $37 Following 2Q Beat and Raise
- BMO Capital Remains Bullish on Duluth Holdings Inc. (DLTH) Following 3Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!