Standard & Poor’s Thursday said it will add property and casualty insurer Ace Ltd to its flagship Standard & Poor’s 500 stock index after the close of trading on July 14.
Ace will replace Millipore Corp, a maker of laboratory water filters and purifiers and other materials used to produce biotechnology drugs. Millipore is being acquired by Germany’s Merck KGaA in a transaction expected to close around July 14, S&P said.
Shares of companies joining the S&P 500 often rise after their inclusion is announced because many investors track the index and must buy shares of companies that enter it.
Ace shares rose $2.58, or 4.9 percent, to $54.80 within minutes of the S&P announcement after market hours. Shares of the Zurich-based company closed regular trading up 33 cents, or 0.6 percent, at $52.22 on the New York Stock Exchange.
(Reporting by Jonathan Stempel; editing by Carol Bishopric)
Topics Carriers
Was this article valuable?
Here are more articles you may enjoy.
Trucking App Trucker Path Launches Retail Insurance Agency 
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
AWS Outage a ‘Moderate Incident,’ Another Near Miss for Insurance Industry 
The Hartford Q3 Net Income Up 41% 
