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Fly News Breaks for October 12, 2018
CB
Oct 12, 2018 | 08:35 EDT
MKM Partners analyst Harry Fong lowered his Q3 EPS view on Chubb to $2.23 from $2.65 and also lowered FY19 view to $9.89 from $10.30 after the company's preliminary update on its net catastrophe losses in the quarter that featured over 20 weather events, including Hurricane Florence, hailstorms in Colorado, and wildfires in California. The analyst also raises his catastrophe loss estimate to $450M from $221M and intends to review his FY18 estimate when more data on Hurricane Michael come in. Fong also keeps his Buy rating and $170 price target on Chubb, noting that the latest losses are part of the "expected volatility" in the insurance business.
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