Stocks Hit Hard as Firms Announce Losses on Investments Washington Post Staff Writer Saturday, October 11, 2008; Page D03 Insurance is the latest industry to feel the sting of the global financial crisis. While most industry insiders consider the problems that led to the government bailout of American International Group as unique to AIG, the pain has been spreading to other insurers -- their shares have taken a beating despite efforts to shore up their finances. The Standard & Poor's insurance index has dropped 39 percent since Sept. 15, closing yesterday at 134.36. Last week, Hartford Financial Services Group saw its share price drop 52 percent to $27.40. Now, AIG has thrown a spotlight on insurers' investment practices. Progressive, the nation's third-largest auto insurer, yesterday reported a net loss of $684 million for...
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