Morgan Stanley Raises Price Targets for Multiple Insurers Including Chubb, Hamilton, Hanover and Lemonade

Morgan Stanley raised price targets across a group of insurance carriers on August 19, 2026. CB went from $340 to $360, Hamilton Insurance Group from $34 to $37, and THG from $235 to $240, with all three carrying an equal weight rating . LMND received a fresh $56 target, with no rating detail disclosed in the note.

The rating is the part that matters most here, and it cuts against the headline. Equal weight is a neutral stance, meaning Morgan Stanley expects these names to perform roughly in line with its coverage universe. Raising a target while holding a neutral rating is typically a valuation-roll exercise, marking the model to a higher book value or forward earnings base rather than expressing new conviction. Reading these revisions as upgrades would overstate them.

The magnitude of the changes supports that reading. The increases are $20 on Chubb, $3 on Hamilton and $5 on Hanover, which work out to roughly 2% to 9% on targets that were already close to where the shares trade. That is incremental housekeeping across a sector that has been repricing on underwriting margin and reserve adequacy, not a call on a turn in the cycle.

Lemonade is the outlier in the group, an insurtech with a different loss-ratio profile and growth trajectory than three established carriers, so the shared publication date should not be read as a shared thesis. Watch third-quarter combined ratios, catastrophe loss development from the current hurricane season, and whether Morgan Stanley moves any of the equal weight ratings once those land.

Related Stocks

• CB
• LMND