Travelers Cos. Inc. said it would cut jobs and reduce prices of auto insurance, steps investors took as an indication that rates had risen too far and competition was increasing.
The company's shares fell 4 percent by midday and shares of other insurers also fell.
“The concern is that Travelers was among the leaders pushing price increases, and now they are talking about lowering prices, so that has broader implications for the entire market,” Sandler O'Neill & Partners analyst Paul Newsome said.
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