Matthew strengthens to CAT 4 storm - Florida insurers tumble

  • The National Hurricane Centers says Hurricane Matthew has already strengthened to a category 4 storm, with some additional strengthening possible as it approaches Florida.
  • Universal Insurance (UVE -10.1%), United Insurance (UIHC -7%), Federated National (FNHC -8.2%), HCI Group (HCI -11.8%), Heritage (HRTG -13.1%).
  • The team at CreditSights notes Progressive (PGR -1.3%), Allstate (ALL -0.7%), AIG (AIG -0.4%), and Chubb (CB -1%) as all names with top-20 market shares in the hurricane-loss prone lines of business, and are in the top-20 writers of homeowner's insurance in Florida.
  • These shops are large and diverse though. While losses could create a hit to earnings, they're unlikely to damage credit in any large way.

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