Sector Snap: Insurance stocks mostly rise

Travelers reported a 25 percent decline in its second-quarter profit, as it wrote less premiums, took higher catastrophe losses and recorded fewer investment gains. But the St. Paul, Minn.-based company's results were better than expected and a handful of analysts maintained their "Buy" ratings on the stock.

Shares gained 97 cents, or 2.2 percent, to $45.65 in afternoon trading. Shares have traded between $41.26 and $55.84 in the past 12 months.

Shares of Allstate Corp. also advanced, rising 77 cents to $46.38. The second-largest home and auto insurer is scheduled to report financial results after the market closes.

Progressive Corp. added 6 cents to $20.02, while American International Group Inc. jumped $2.13, or 7.5 percent, to $30.23.

In other industry news, Tokio Marine Holdings Inc., Japan's largest insurer, announced plans to buy Philadelphia Consolidated Holding Corp. for $4.39 billion in cash. Separately Wednesday, Philadelphia Consolidated reported a 44 percent drop in its second-quarter profit. Shares jumped $22.75, or 64 percent, to $58.30. Shares hit an all-time high of $59.10 earlier in the session.

Aflac Inc., which is also expected to report after the close, lost 18 cents to $60.36.

Other decliners included Marsh & McLennan Cos., which shed 77 cents, or 2.8 percent, to $28.13, and Loews Corp., which lost 88 cents, or 2 percent, to $43.23.