Florida insurers rise on bets Hurricane Dorian stays off the coast

Fednat Holding Co

03/09/2019 15:53

** Shares in Florida insurers rose on Monday due to the changing
trajectory of Hurricane Dorian
    ** Shares in Heritage Insurance Holdings  HRTG.N  was up
5.9% while United Insurance Holdings  UIHC.O  was up 4.4% , HCI
Group Inc  HCI.N  was up 5.0%, Fednat Holding  FNHC.O  was up
3.1071% and Universal Holdings  UVE.N  was up 3.96%
    ** Slow-moving hurricane Dorian pounded Grand Bahama Island
on Tuesday and was forecast to come "dangerously close" to
Florida's coast by day's end before drenching the U.S. East
Coast for the next several days
    ** The storm was predicted to stay off the coast and
weakened to a Category 3 on the five-step Saffir-Simpson Wind
Scale  urn:newsml:reuters.com:*:nL2N25U06I
    ** "The storm going into labor day weekend looked like it
was going to be a Florida event exclusively and now it looks
like its going to be an event for the South East and that's an
area where these Florida focused property insurers are not
overly exposed," said John Barnidge, analyst at Sandler O'Neill
    ** The insurers were recovering ground lost on Friday when
investors were fearing the worst  urn:newsml:reuters.com:*:nL2N25Q0MQ

 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))