By Josh Beckerman
Heritage Insurance Holdings shares were recently down 26% to $9.04, and many insurance-related companies posted lower stock prices as Hurricane Milton approaches Florida.
Raymond James Financial said Monday that, while it expects Hurricane Helene will be a "relatively small private insurance industry loss event," Milton is "positioned to deliver a different outcome considering it is currently tracking towards the heavier population centers of Florida.
"We believe Hurricane Milton could potentially have some impact on the pricing environment for property catastrophe risks at the January 1st renewal period," Raymond James said.
Universal Insurance Holdings was recently down 15% to $17.80, while American Coastal Insurance declined 15% to $9.53. HCI Group declined 15% to $97.50.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 07, 2024 13:35 ET (17:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.