Top Financial Stocks
Financial stocks are moderately higher this afternoon, with the
NYSE Financial Sector Index adding 0.5% and the S&P Financial
100 Index rising 0.3%.
In company news, EMC Insurance Group (
) is nearly 3% higher this afternoon, with shares adding 79 cents
to $29.30 each after announcing a 9.5% increase in its quarterly
dividend to $0.23 per share, saying the $0.02 per share boost
"reflects the strength of our financial position and confidence in
our long-term outlook."
The next dividend will be paid Dec. 3 to shareholders of record
on Nov. 25.
EMCI also said it has approved changes in the cost of excess of
loss reinsurance protection provided to its EMC Reinsurance Co.
subsidiary next year. Pending regulatory approval, the company will
reduce the cost of the excess of loss coverage by 100 basis points
from its current level to 8.0% of total assumed reinsurance
EMC Re will continue to retain the first $4 million of losses
per event plus 20% of any losses between $4 million to $10.0
million and 10% above $10 million to $50 million associated with
In other sector news,
(-) WU, (-5.9%) CFO Scott Scheirman announces plans to leave the
company on Feb. 28. He will stay in his current position through
Dec. 31, with the president of WU's business solutions then taking
on interim duties until a permanent replacement is hired.
(-) ARCC, (-0.1%) Prices $600-mln public offering of 4.875%
senior unsecured notes due 2018. Proceeds will be used to repay