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October 19, 2004

Insurance Probe Widens as Investors Flee

The New York attorney general's nascent but expanding probe into bid-rigging on Tuesday threatened to envelop the entire U.S. insurance industry, unnerving investors unsure how far Eliot Spitzer might go.

Shares of U.S. insurance and HMO companies comprised most of the biggest decliners on the New York Stock Exchange, as it became evident Spitzer's investigation has moved beyond property and casualty insurers and brokers, and now also covers life and medical insurers.

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Posted by Tom Troceen