Financials Lower on Insurance, Rate Fears -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies fell sharply as property-and-casualty insurers saw more hurricane-related losses and as a decline in interest rates gained momentum.

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The yield on the 10-year Treasury note hit the lowest level since the presidential election, reflecting diminished expectations for a rate increase in the near future.

Shares of P&C insurers with exposure to Florida were particularly hard hit as Hurricane Irma continued its destructive path through the Caribbean toward Miami.

Shares of Universal Insurance and Heritage Insurance, two smaller insurers who have concentrated their operations in the risky market in recent years, both fell by more than 10%.

Among reinsurers, shares of XL Group and Everest Re both fell by more than 5%.

Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

September 07, 2017 17:30 ET (21:30 GMT)