Heritage Insurance estimates losses under $100 million from Hurricane Matthew claims
Heritage Insurance Holdings Inc. said late Monday it expects losses from Hurricane Matthew claims to be under $100 million, "considerably below" initial estimates and "well within" the Clearwater, Fla.-based property and casualty insurer's $1.9 billion reinsurance coverage. Heritage on Friday had estimated losses around $500 million. The hurricane cut a deadly swath through the southeast U.S. over the weekend after hitting Haiti and other Caribbean nations last week. Shares of Heritage were down 1.7% in late trading after ending the regular trading session down 3.6%.
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