Insurers Take Heat For Investment Management (at Barron's Online)

XL CAPITAL SUFFERS SECOND STRAIGHT STINGING DROP With financials overall pacing a decline in the broad market Thursday, no sector of the financial world has fared as poorly as insurance stocks. Shares of XL Capital (XL) compounded Wednesday’s 25% setback with a 35% retrenchment in Thursday’s trading amid widespread criticism of the insurer’s investment management style. Sandler O’Neill cut its third-quarter book value estimate on the firm to $21.09 from $25.10 based on reduced values of fixed income and equity investments, saying the former has... [read full story]