Financial Shares Decline; Citizens Gains Nearly 4% After Deal for Pre-Funeral Needs Insurer

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Top Financial Stocks

JPM -1.19%

BAC -0.54%

WFC -0.44%

C -0.44%

USB -0.33%

Financial stocks are broadly lower, with the NYSE Financial Sector Index declining 0.9% and the S&P Financial 100 Index retreating almost 0.8%.

In company news, Citizens Inc. ( CIA ) is getting a big boost, with shares of the life insurance carrier rising nearly 4% this afternoon after the company announced a definitive agreement to acquire Magnolia Guaranty Life Insurance Company for $5.23 million.

According to CIA, Magnolia Guaranty offers final expense and pre-need life insurance policies in Mississippi through its funeral home distribution channels. It currently has around $8 million in assets and generated around $2.14 million in premiums last year.

The deal is subject to regulatory and shareholder approval and is expected to close in Q4.

In other sector news,

(+) XOOM, (-5.2%) Partners with Red Pocket Mobile to offer subscribers of the contract-free wireless services provider with integrated access to its mobile and desktop global money transfer sites.

(-) TWGP, (-40.2%) Reports $215-mln, non-cash goodwill impairment charge in Q2 tied to its commercial, specialty and reinsurance segments. Also hires JPMorgan to assist with strategic review.



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This article appears in: Investing , Commodities

Referenced Stocks: CIA

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