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Shares of Travelers Companies Inc. dropped 1.8% in morning trading Thursday, enough to pace the Dow Jones Industrial Average’s decliners, after analyst Joshua Shanker at BofA Securities swung to bearish from bullish on the insurer, citing decelerating commercial property and casualty pricing and eroding underwriting margins in personal auto and homeowners insurance. The double downgrade comes two days after the Travelers reported a big second-quarter profit beat, as investment income tripled.
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