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Insurers rebound even as Irma barrels toward Florida

Insurers rebound even as Irma barrels toward Florida

Investing.com - Hurricane Irma may be barrelling toward Florida, but major insurers who have been hit by Hurricane Harvey and the approach of Irma actually turned higher on Friday. While there is no concrete reason for the reversal - Irma will likely still result in massive damages in its path, perhaps investors fell that the sell off has been enough, and are once again warming up to the insurance companies.

Leading the charge higher was Universal Insurance Holdings Inc (NYSE:UVE)(up almost 9%), but Progressive Corporation (NYSE:PGR), Renaissancere Holdings Ltd (NYSE:RNR), Allstate Corporation (NYSE:ALL), and The Travelers Companies Inc (NYSE:TRV) were also higher.

Back to Universal Insurance, even after Friday’s 9% climb, shares are still down 16% over the past 5 days - and by 23% over the past month, with those losses largely a result of Hurricane Harvey.

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