Tuesday, October 19, 2004

Tumble in insurance sector continues

U.S. insurance probe widens as investors flee
Ace, Aon tumble again on Spitzer probe

The probe into insurance bid rigging by New York Attorney General Eliot Spitzer widened to health insurers on Tuesday and threatened to go nationwide as at least three more states (California, Connecticut and Pennsylvania) said they are looking into the matter.

MetLife, the largest U.S. life insurer, and UnumProvident, the largest disability insurer, also said they had received subpoenas from Spitzer.
  • Aetna (AET) lost 11.8%
  • Cigna (CI) lost 10.3%
  • UnumProvident (UNM) lost 9.8%
  • Aon (AOC) lost 9.7%
  • Ace (ACE) lost 6.3%
  • Marsh & McLennan (MMC) lost 5.7% (four-day decline of 48%)

No comments: