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HIG

Sector Update: Financial

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."

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

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

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