Heritage Insurance Holdings Inc. shares surged 11% in premarket trade Friday, after the property & casualty insurer said it expects losses from hurricane Matthew will be absorbed by the insurance and reinsurance industries. The company, which offers commercial and residential home insurance, said it estimates its own insured losses at about $500 million, well within its $1.9 billion catastrophe reinsurance coverage tower. “As of this morning, Hurricane Matthew has remained east of the Florida coast,” said Chief Executive Bruce Lucas. “As a result, projected losses could be substantially lower than the estimated loss guidance of $500 million.” Shares were down 43% in the year through Thursday’s close, while the S&P 500 has gained 6%.
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