Financial stocks were higher Monday, with the NYSE Financial Sector Index adding about 0.2% and the S&P Financial 100 Index ahead 0.4%.
In company news, shares of The Hartford Financial Services Group Inc. ( HIG ) were little changed this afternoon after the insurance giant Monday named a new chief executive officer as well as a new finance chief.
Christopher Swift was promoted to CEO from his current role as chief financial officer, replacing Liam McGee, who announced plans to step down in January following a medical procedure to treat a brain tumor. McGee will remain board executive chairman until the company's next annual shareholders meeting.
Beth Bombara, who is overseeing HIG's wind down of several non-core businesses, will replace Swift as CFO.
HIG shares were down a penny at $36.22 each, roughly mid-way in their session range of $36.14 to $36.33 a share. The stock has a 52-week range of $28.04 to $36.76 a share, climbing nearly 21% over that span.
In other sector news,
(+) RATE, (+1.4%) Agrees to $18 mln settlement in private securities class action suit by investors who bought the company's stock between June 16, 2011 to Oct. 15, 2012. Insurers are expected to fund a substantial portion of the settlement fund.
(-) MGT, (-1.6%) Iroquois Capital details $82,250 investment last month, buying 16,500 shares and boosting its stake to 9.9% with 929,915 shares. Also says it's time for change, faulting the firm's "failed leadership."
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