American Coastal Drops Amid Fresh Worries on Hurricane Risk
American Coastal Insurance Corp shares dropped Thursday, lagging other small-caps. The move came as traders turned away from the quiet hurricane outlook and focused on concerns about property insurance pricing in Florida. The stock slipped 1.7% to $10.52 on volume of about 281,000. Hurricane season in the Atlantic starts June 1, putting American Coastal in the path—it has heavy exposure to Florida commercial real estate. A single hurricane could move results fast. The iShares Russell 2000 ETF, tracking small caps, rose 0.6% for the day. ACIC’s slide came in sharper relief against that gain.