By Market News Video Staff, Wednesday, November 10, 12:59 PM ET
Shares of Assurant (NYSE:AIZ) are falling today after American Banker suggested there are abuses in its industry, and named the company in a published story.
Assurant is in the “force-placed” insurance business, which means it sells insurance to banks for foreclosed properties. Shares are lower by more than 9% today.
Assurant is a 3% holding in the SPDR KBW Insurance ETF (AMEX:KIE), trading down a nickel today. Larger companies in that ETF include Metlife (NYSE:MET), at 8.2% of the fund, Aflac (NYSE:AFL), Prudential (NYSE:PRU), Travelers (NYSE:TRV) and Ameriprise Financial (NYSE:AMP).
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