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