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* NEW YORK LIFE ANNOUNCES RECORD $2.78 BILLION DIVIDEND FOR 2026 Source text: Further company coverage: [ ]
Two insurance companies, American Guarantee and Liability Insurance Company (Zurich) and Starr Indemnity & Liability Company, have filed lawsuits against Cupples International. They argue that their policies do not cover the $49 million arbitration award Cupples was ordered to pay UI Health Care for faulty windows at the UI Children's Hospital. The insurers claim the arbitration award is due to a breach of contract, not property damage covered by their policies. The window replacement project is ongoing, with completion expected by 2026.
The North American insurance composite, compiled by Stonybrook Capital and Weild & Co, rose 2.9% last week, outperforming Wall Street indices. Personal lines and standard commercial insurers led gains, with Allstate surging 5.9%. In contrast, tech-focused names like Porch Group fell. The composite is up 6.0% year-to-date, indicating a rotation from tech to traditional sectors. Optimism from the U.S. government shutdown resolution faded as Federal Reserve rate cut odds decreased.
Direxion's FAS and FAZ ETFs are gaining attention amid a shift in Federal Reserve monetary policy, which recently cut interest rates by 25 basis points. This change may impact financial enterprises, potentially compressing net interest margins for banks. The Financial Select Sector Index has slipped over 2% recently, while the FAS ETF has gained nearly 10% this year, despite facing resistance. Conversely, the FAZ ETF has declined by about 33% but shows signs of recovery. Both ETFs offer leveraged trading options for speculators, but caution is advised due to their inherent risks.
