Progressive, Allstate, CinFin and Arch among P&C biggest fallers in Friday’s wider market plunge

Reuters04-04

By Michael Loney

April 4 - (The Insurer) - US-listed property casualty stocks were battered on Friday as the S&P 500 closed down 6% with investors reacting to China striking back at U.S. President Trump’s tariffs.

Among property casualty insurers, Kemper fell the most, closing down 10.8% at $57.74, followed by Progressive, down 10.2% at $257.64.

International General Insurance Holdings fell 10.1, closing at $22.61. Ambac’s share price fell 9.4% while Allstate’s fell 9.1%.

Also suffering large share price drops were Cincinnati Financial (9.0%), Arch Capital (8.8%), The Hanover (8.8%), Hamilton Group (8.7%), Mercury General (8.7%), SiriusPoint (8.6%), AIG (8.4%), Axis Capital (8.3%), Skyward Specialty (8.3%) and The Hartford (8.0%)

Insurers whose share prices fell between 7% and 8% included Travelers, Kinsale Capital, Bowhead Specialty, Old Republic, CNA, Chubb and Selective.

Falling between 6% and 7% were WR Berkley, Palomar Holdings, Everest Group, Root, Berkshire Hathaway, American Financial Group, Hippo and Lemonade.

Fidelis, Markel, RenaissanceRe and RLI all fell more than 5%.

Among brokers, Goosehead fared the worst, falling 10.9% and closing at $107.7.

Brown & Brown fell 7.6%, Arthur J Gallagher fell 7.3%, Ryan Specialty fell 7.1%, Marsh McLennan fell 4.8%, The Baldwin Group fell 4.8% and Aon fell 4.7%.

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