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ALL

Allstate

$91.38

0.24 (0.26%)

08:28
09/21/17
09/21
08:28
09/21/17
08:28

Allstate reports August catastrophe loss estimate of $593M

Allstate reported estimated catastrophe losses, net of reinsurance recoveries, for the month of August 2017 of $593M, pre-tax. or $385M after-tax. Catastrophe losses occurring in August comprised 6 events at an estimated net cost of $591M, pre-tax, plus unfavorable reserve reestimates of prior reported catastrophe losses. Allstate previously announced $181M, pre-tax - $118 million after-tax -, in estimated catastrophe losses for the month of July 2017, bringing estimated catastrophe losses for the months of July and August to $774M pre-tax, $503M after-tax. Hurricane Harvey made landfall in Texas on August 25. Estimated gross catastrophe losses, excluding homeowners flood, totaled $576M pre-tax, which will be reduced by $23M in anticipated reinsurance recoveries for a net estimated loss of $553M. Hurricane Harvey estimated losses include approximately 55% related to auto coverages. Allstate incurred estimated losses and expenses of $53M not covered by its reinsurance related to commercial insurance, auto protection contracts and loss adjusting expenses in excess of its reinsurance allowances. Allstate claims that given the complexity of this event, it may experience a higher level of uncertainty in estimates due to the inability of customers to gain access to their homes and autos and submit claims. Hurricane Irma occurred in September and is not included in reported estimates.

  • 29

    Nov

ALL Allstate
$91.38

0.24 (0.26%)

09/01/17
MSCO
09/01/17
NO CHANGE
MSCO
Harvey loss uncertainty to remain overhang on P&C stocks, says Morgan Stanley
Morgan Stanley analyst Kai Pan currently estimates $15B-$40B in total insured losses from Harvey, including $5B-$15B in National Flood Insurance Program, or NFIP, claims. P&C stocks the firm covers have declined 2.7% on average since August 23, noted Pan, who thinks the uncertainty of losses will remain a near-term overhang on the group. If the ultimate losses are contained within quarterly earnings, the stocks could rebound, added Pan. Stocks in the P&C insurance space include Allstate (ALL), Travelers (TRV), Progressive (PGR), Chubb (CB), AIG (AIG).
09/11/17
MKMP
09/11/17
NO CHANGE
MKMP
Arch Capital, AXIS Capital named as favorable insurance names at MKM Partners
MKM Partners analyst Harry Fong says that Arch Capital (ACGL) "could have the best prospects" in the wake of the recent hurricanes. The analyst says that the company's property catastrophe exposure has dropped significantly, and he reports that the company has estimated its "probable maximum loss in the tri-county area of Florida to be $370M for a 1-in-250 year kind of event," representing "less than 4% of its equity." The analyst adds that the company's on-shore marine business could suffer losses. However, he keeps a $120 price target and a Buy rating on the stock. Fong adds that AXIS has also reduced its property exposure in recent years. However, he adds that Novea which AXIS is looking to purchase could have exposure to Florida. Nonetheless, he thinks that AXIS' risk/reward ratio is positive and he keeps an $80 price target and a Buy rating on the shares. Fong adds that he expects insurers to benefit from significant rate increases going forward that will enable them to erase their hurricane losses in a short time. . He keeps Buy ratings on Allstate (ALL) and Progressive (PGR)
09/11/17
JPMS
09/11/17
NO CHANGE
JPMS
Irma losses could be lower than expected, says JPMorgan
JPMorgan analyst Sarah DeWitt believes losses from Hurricane Irma could be at the lower end of the $20B-$60B expected range since the storm weakened faster than expected. The analyst estimates the impact to book values for the companies she covers should be a "manageable" 1%-2%. Among the property casualty insurers, the analyst views Validus (VR), Everest Re (RE) and XL Group (XL) as the most oversold. She lists those three along with RenaissanceRe (RNR), Travelers (TRV), Arch Capital (ACGL), Chubb (CB), Allstate (ALL) and Progressive (PGR) as the P&C insurers with the most exposure to U.S. hurricanes.
09/11/17
BUCK
09/11/17
INITIATION
Target $74
BUCK
Underperform
Allstate initiated with an Underperform at Buckingham
Buckingham analyst Amit Kumar initiated Allstate with an Underperform and a $74 price target.

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PNFP

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HGV

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PRGX

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UBFO

United Security Bank

$9.50

-0.05 (-0.52%)

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UBSH

Union Bankshares

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OMAB

OMA Airports

$41.34

0.28 (0.68%)

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IBM

IBM

$146.54

-0.29 (-0.20%)

17:34
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OMAB

OMA Airports

$41.34

0.28 (0.68%)

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SCSS

Select Comfort

$30.38

-0.17 (-0.56%)

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Breaking Hot Stocks news story on Select Comfort »

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  • 17

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IBM

IBM

$146.54

-0.29 (-0.20%)

, IBKR

Interactive Brokers

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IBM

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-0.29 (-0.20%)

IBKR

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NAVI

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IBM

IBM

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PAYX

Paychex

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VZ

Verizon

$48.40

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SCSS

Select Comfort

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  • 17

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IBM

IBM

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-0.29 (-0.20%)

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IBM

IBM

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ODP

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SCSS

Select Comfort

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  • 17

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DISH

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SCSS

Select Comfort

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  • 17

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IBM

IBM

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-0.35 (-0.24%)

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IBM says Cloud revenue now more than 20% of total revenue »

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SCSS

Select Comfort

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