Insurance stocks take a pounding.

"Insurance stocks plunged Wednesday after MetLife annouced it would be raising capital, cutting jobs and withdrew its 2008 earnings guidance due to the dramatic downturn in the world financial markets.

In an effort to provide some semblance of certainty to nervous investors, MetLife (nyse: MET - news - people ) pre-annouced its third-quarter results, which it said will be hurt by a drop in investment income and fees due to the turmoil in the global financial markets.

In a separate announcement, MetLife said it would sell common stock to bolster its capital amid rising losses on investments. The offering of 75 million shares priced late Wednesday at $26.50, raising nearly $2 billion. .."-Stock Article Link

MetLife (MET) drops 26% to $27.00!
Allstate (ALL) drops 21% to $29.96!
Hartford(HIG) drops 13% to $24.86!
White Mountain (WTM) drops 7.5% to $347!

Unbelievable!! What's the safer play? Charles T Munger's Wesco Financial (WSC). Drops 4% at $346. Sells close to book value and virtually no debt and $2.1 billion in cash to capture opportunities in the market.