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Shares of generator maker soar, insurance stocks fall as Hurricane Milton intensifies

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Shares of backup power generation company Generac Holdings surged more than 7% on Monday as Hurricane Milton rapidly strengthened into a Category 5 storm.

Hurricane Milton is forecast to move north of the Yucatan Peninsula on Monday and Tuesday before crossing the Gulf of Mexico to approach the west coast of Florida by Wednesday, according to the National Hurricane Center. Tampa Bay could face a storm surge of between 8 feet and 12 feet, according to forecasters. Generac hit an intraday high of $174.08, up about 8.7% over Friday’s close. The power generation company also hit a new 52-week high.

Allstate, Travelers and Chubb saw their shares fall more than 3%, while Progressive and AIG all declined more than 1%. Universal Insurance, based in Fort Lauderdale, Florida, plunged more than 15% as the catastrophe-prone carrier with Gulf Coast exposure could see heightened hurricane risks.

 

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