SUN gaped lower yesterday after the insurer said the current floods would cost the Queensland based insurer a maximum of $75m due to comprehensive reinsurance plans. Not too bad in our opinion considering they’ve already received over 5,000 claims due to the horrendous weather conditions that are now Sydney bound and importantly the company said its full year outlook for natural hazards remained unchanged. Following its 20% correction over the last 6-months we feel SUN has become a viable alternative to the banks on the ASX.
MM likes SUN into weakness below $11
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