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The Southern California wildfires have resulted in at least 25 fatalities and displaced 200,000 people, damaging over 12,000 homes. Asset managers like Capital Group and iM Global Partner have expressed support for affected employees and communities, while UBS anticipates credit pressures across sectors but does not expect defaults among major municipal issuers due to federal and state support.
Shares of Mercury Insurance fell 6.5% amid ongoing wildfires in California, which have caused significant damage, particularly in Pacific Palisades. Travelers received a double-upgrade from Goldman Sachs, with analysts predicting manageable insurance losses from the fires, estimated between $52 billion and $57 billion. The impact on insurance stocks is notable, with Travelers and Allstate expected to face substantial claims.
Profit-taking dominated the stock market as sellers targeted Magnificent Seven stocks following the Nasdaq's historic rise above 20,000. While Adobe plummeted over 10% after disappointing quarterly results, tech firms like Confluent and Ciena thrived, with Upstart rising more than 4%. The Nasdaq composite dipped nearly 0.4%, influenced by higher-than-expected wholesale prices, while the Dow Jones edged up 0.1%, maintaining a 17.3% year-to-date gain.
Kinsale Capital Group, Inc.
Companies
| Symbol | KNSL |
| Name | Kinsale Capital Group, Inc. |
| Currency | USD |
| Sector | Financials |
| IndustryGroup | Insurance |
| Industry | Insurance |
| Market | NASDAQ Global Select |
| Country | United States |
| State | VA |
| City | Richmond |
| Zipcode | 23230 |
| Website | http://www.kinsalecapitalgroup.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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