November 4, 2012 / 11:43 PM / 5 years ago

Sandy may not hurt insurers too much: Barron's

1 Min Read

NEW YORK (Reuters) - Losses from hurricane Sandy may not hurt insurers such as Chubb Corp as much as investors might fear, according to a report in the November 5 edition of Barron's.

Barron's said that Cliff Gallant, Property and casualty insurance analyst at Keefe Bruyette & Woods, has an $88 price target on Chubb, which closed at $74.48 on the New York Stock Exchange on Friday.

"The fourth quarter will be ugly. That's a given," the story quoted Gallant as saying. "But these aren't devastating losses. The companies probably won't have to dip into their balance sheets to pay claims."

Reporting By Sinead Carew; Editing by Bernard Orr

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