Insurance companies in the spotlight as Hurricane Idalia makes landfall in Florida as a Category 3 storm
By Steve Gelsi
Allstate, Willis Tower Watson, Renaissance Re and Arch Capital Group lead gains among insurers.
Stocks with exposure to the insurance and reinsurance businesses rose Wednesday as Hurricane Idalia made landfall in Florida's Big Bend region on the Gulf of Mexico and caused widespread flooding, but missed any major population center as it came to shore.
Hurricane Idalia made landfall at around 7:45 a.m. Eastern Time on the coast of the Florida Big Bend near Keaton Beach, according to the National Hurricane Center.
The storm hit the coast as a Category 3 storm with winds near 125 mph as it weakened from a Category 4.
Most publicly traded companies active in the insurance sector moved higher.
Swiss Re dipped 0.3%, while Aon Plc (AON) rose 0.5%, Allstate (ALL) rose 1%, Travelers (TRV) rose by 0.3%, Everest Group (EG) rose 1.5%, Willis Towers Watson (WTW) moved up by 0.9% and Arthur Gallagher (AJG) rose by 0.5%.
Progressive (PGR) rose 0.8%, Chubb Ltd. (CB) rose 0.3%, Hanover Insurance Group (THG) rose by 0.6%, Renaissance Re (RNR) moved up by 1.7% and Arch Capital Group (ACGL) advanced by 1.3%.
Also read:Travelers swings to loss as it books $1.5 billion in catastrophe losses following tornadoes and hail storms
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-30-23 1012ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software