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Insurers fall, led by Universal, on Florida hurricane risk

U.S. property-casualty insurers fell for a third time in four days as Hurricane Matthew approached Florida.

By Jordyn Holman | Updated on October 06, 2016
Ray Hayyat hauls sandbags to his store to protect against floodwaters Thursday, Oct. 6, 2016, in Daytona Beach, Fla. Hundreds of thousands of anxious people boarded up their homes and businesses and grabbed a few belongings to flee inland as Hurricane Matthew gained strength and roared toward the Southeast seaboard on Thursday. (AP Photo/Chris O'Meara)

(Bloomberg) – U.S. property-casualty insurers fell for a third time in four days as Hurricane Matthew approached Florida, with Universal Insurance Holdings Inc. dropping the most since 2015 because of its concentration in the state.

Universal tumbled $2.72, or 12 percent, to $19.51 at 4:02 p.m. in New York. The company has plunged more than 20 percent this week, wiping out gains for the year.

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