Sector Update: Financials Shares Mixed as Shutdown Drags on

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Top Financial Shares:

JPM: -0.12%

BAC: +0.43%

WFC: -0.54%

C: +0.46%

USB: flat

Financial shares are mixed in today's pre-market session, taking a breater from yesterday's sharp selloff as the government shutdown continues to worry investors.

In stocks news, Tower Group International, Ltd. ( TWGP ) is down 28% at new 51-week lows of $6.58 after Fitch has issued an issuer default rating on the insurance holding company to B from BBB.

Separately, TWGP said has completed, with the assistance of its independent actuarial consultants, a comprehensive review of the company's loss reserves as of June 30, 2013. It will take a $215 million goodwill charge.

As a result of the review, the company expects to strengthen loss reserves by approximately $365 million (approximately $185 million of which was attributable to its U.S. Insurance subsidiaries), primarily for accident years 2009 through 2011 in commercial insurance lines of business, including workers' compensation, commercial multi-peril, commercial auto and other liability lines.

And, MGIC Investment Corporation ( MTG ) today issued an Operational Summary of its insurance subsidiaries for the month of September 2013 for their primary mortgage insurance. The company wrote $2.5 billion in new business.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MTG , TWGP

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