Shares in US insurance companies took a battering yesterday in the wake of the New York state attorney's probe into contingent commissions at Marsh & McLennan.

Marsh & McLennan shares tumbled 5.8% yesterday to close at $24.10, bringing its total fall to 50% since the inquiry was announced last Thursday. Ace dropped 6.4% to $33.10.

Aon stock fell almost 10% to $19.20.

Unitedhealthcare share prices lost 9.3% to $66.50 and at Aetna, which also received a subpoena, stock prices fell 11.8% to $86.17.

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