Reinsurance News

Hanover & Chaucer Q3 losses reach $185m to $225m

6th October 2017 - Author: Staff Writer

The Hanover Insurance has revealed third quarter catastrophe losses – including anticipated losses from hurricanes Harvey, Irma, Maria and the two Mexico earthquakes ranging from $185 million to $225 million before taxes and net of reinsurance.

The firm’s international specialty group, Chaucer, has retained losses from $115 to $135 million before taxes, net of reinsurance – the largest losses are the result of hurricanes Harvey and Irma, predominantly in the company’s treaty, direct property, marine and energy lines.

“The unprecedented catastrophe activity in the quarter has caused tragic losses for many,” said Joseph Zubretsky, president and chief executive officer at The Hanover; “We are hard at work, providing our partners and customers with the responsive service and support they expect and deserve.”

Hanover said its domestic business, predominantly in the commercial lines, will see losses largely related to Hurricane Harvey, of $70 to $90 million before taxes and net of reinsurance.

Jeffrey Farber, executive vice president and chief financial officer, said the firm’s initial loss estimates “are in line with what we would expect for events of this magnitude, and are a reflection of our disciplined underwriting and risk management practices.”

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Hanover’s third quarter financial results, which are expected to be announced on November 1st, will include any updates to its loss estimates.

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