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

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08-30-23 1012ET

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