Shares of Hartford Financial Services Group continued to struggle this morning after plunging 18 percent Tuesday, and its worries spread to other giants in the insurance industry.
The Hartford’s stock was trading at $35.50, down $5.50, or 13.4 percent, in the wake of a negative Fitch Ratings report Monday that detailed the company’s exposure to troubled companies such as American International Group, Washington Mutual and Lehman Brothers.
“We are disappointed with our recent stock performance,” The Hartford said in a statement today, “but recognize we are living through a period of unprecedented market conditions.” The company added that it’s core businesses are doing well and that its liquidity “remains strong.”
Others financials caught in The Hartford’s downdraft were MetLife (down $8.42, or 15 percent, to $47.50), Genworth Financial (down $1.47, or 17 percent, to $7.14), Prudential Financial (down $5.25, or 7.86 percent, to $66.25), among others.
