Three insurers notch biggest weekly gains among financial stocks

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Property and casualty insurer Hanover Insurance Group (NYSE:THG) rose the most of any financial stock (with market cap over $2B) for the holiday-shortened week ended March 28, climbing +6.8%.

Allstate (NYSE:ALL) drove up +6.7% as HSBC upgraded the fellow P&C insurance company to Buy on the basis that prospects for a turnaround in its underwriting profitability has improved markedly;

Lincoln National (NYSE:LNC), an operator of multiple insurance and retirement businesses, ascended +6.4%;

Burford Capital (NYSE:BUR), a provider of legal finance products and services, gained +6.4%; and

Rounding out the five biggest winners, Spain-based lender Banco Santander S.A. (NYSE:SAN) advanced +6.1%.

Note that insurance stocks attracted investors’ attention during a week in which Baltimore’s Francis Scott Key Bridge collapsed, a move that’s expected to lead to billions of dollars in insurance losses.

On the negative side, Chinese personal financial services platform Lufax Holding (NYSE:LU), which in the previous week dominated financial movers, slid -14.1%;

Embattled regional bank New York Community Bancorp (NYSE:NYCB) took the second slot, gapping down -13.2%;

Peru-based lender Intercorp Financial Services (NYSE:IFS) retreated -11.8%;

South Korea’s Woori Financial Group (NYSE:WF) posted an -8.7% loss; and

KB Financial Group (NYSE:KB), another South Korean bank, fell -8.6%.

Roy Walsh

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