Damn!!!
I am assuming they are on the no short list also… thats a mass exodus with that commercial I thought they would be safe…oldest CO in the biz…yowsa
HIG was downgraded last night by Fitch–from stable to negetive outlook. It also has significant exposure to LEH, AIG, WM, FRE and FNM. Plus, a unique concept of Deferred Acquisition Costs (DAC) is applicable to life insurers. HIG is going to take a huge annual DAC unlocking charge in the third quarter. One of the key things that go into evaluating this unlocking is the performance of the stock market.
Another extreme in the life insurance world today–GNW, up 82%