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Article: Stocks of insurers fall as investment values drop. (Broad Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 15, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Stocks of insurers fall as investment values drop
Westside-based Broad Inc., the $9.87-billion-in-assets life insurer that split off from Kaufman and Broad in 1989, hit bottom on Wall Street last week amid investor fears that its investment portfolio, which includes real estate and junk bonds, might be sinking in value.
Broad's stock fell to $4.88 a share last week, down 60 percent from its 52-week high of $12.25.
Also down was First Capital Holding Inc., the Century City-based parent of First Capital Life and Fidelity Bankers. The stock hit a new 52-week low of $1.75 on Sept. 27, down 88 percent from a 52-week high of $14.63.
Feeding ...