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Arch’s reinsurance segment takes bulk of $180m-$190m Q1 cat bill
16th April 2021
Bermuda-based insurer and reinsurer, Arch Capital Group Ltd., has announced a pre-tax catastrophe loss range of between $180 million to $190 million for the first-quarter of 2021, of which roughly 80% falls to its reinsurance segment. The up to $190 million loss range is almost entirely from natural catastrophe events that ... Read the full article
The Hanover announces Q1 catastrophe losses of $133m
16th April 2021
The Hanover Insurance Group, Inc. expects to incur catastrophe losses of approximately $133 million, pre-tax ($105m after-tax), for the first-quarter of 2021, primarily as a result of the impacts of Winter storms Uri and Viola. For the carrier, the largest impact from the severe weather was in Texas, where it estimates ... Read the full article
The Hanover adds to board of directors
8th March 2021
The Hanover Insurance Group has strengthened its board of directors with the addition of J. Paul Condrin last month. Condrin has served in various executive leadership roles at Liberty Mutual for just under 30 years, where he most recently served as executive vice president and president of commercial insurance, from 2012 ... Read the full article
The Hanover reports higher net income, improved combined ratio in Q4
4th February 2021
The Hanover Insurance Group, Inc. has reported a rise in net income for the fourth-quarter of 2020 to $164.6 million, while operating income also improved in the period, year-on-year, to $112 million. The difference in Q4 net and operating income, which grew by $54.8 million and $31.8 million, respectively, was primarily ... Read the full article
GRS adds insurance execs to Chair Advisory Board
10th November 2020
International loss adjuster Global Risk Solutions has established a Chair Advisory Board and named James Porcari and Allan Robinson as advisors. As initial members of the Chair Advisory Board, Porcari and Robinson will advise GRS’ senior leadership on strategic issues including the firm’s growth and expansion. Porcari is the founder and managing ... Read the full article
The Hanover enters Maryland personal lines market
30th October 2020
The Hanover Insurance Group has expanded its business in the state of Maryland to include personal lines insurance. The company already has an established presence in the Maryland commercial lines market and this expansion is expected to help grow its footprint in the mid-Atlantic region. As part of its expansion into Maryland ... Read the full article
The Hanover net income unchanged, operating profit up slightly
28th October 2020
The Hanover Insurance Group has reported a net income of $118.9 million in the third quarter, unchanged from the prior-year period, while operating income rose $0.5 million to $93.5 million. The difference between net and operating income in the quarter was primarily due to an after-tax increase in the fair value of ... Read the full article
The Hanover estimates $66mn in Q3 cat losses
14th October 2020
The Hanover Insurance Group expects its third quarter catastrophe losses to total approximately $66 million. This pre-tax figure ($52 million after taxes) is driven primarily by hurricane Isaias and wildfires in California and Oregon. The estimate also includes roughly $10 million of favourable prior-year development on several events from recent accident years. The ... Read the full article
The Hanover Insurance adds Theodore Bunting to board
3rd September 2020
The Hanover Insurance Group, Inc. has strengthened its board of directors with the addition of Theodore H. Bunting, Jr., effective September 1st, 2020. Most recently, Bunting served as Group President of the Utility operations at Entergy Corporation, an integrated energy firm engaged in electric power production and retail distribution, from 2012 ... Read the full article
The Hanover posts robust Q2 results as full year CR outlook improves
29th July 2020
Massachusetts-based property and casualty insurer The Hanover has reported a net income of $115.2 million in the second quarter, up from from $74 million in the prior year quarter. The company has also updated its full-year 2020 outlook, including an improved combined ratio, excluding catastrophes, of between 89.5% and 90.5%, compared to ... Read the full article
The Hanover braced for $148mn of Q2 cat losses
15th July 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced that it is expecting second quarter catastrophe losses of $148 million pre-tax ($117 million after tax). Losses were driven mainly by hail and wind storms in the Midwest in April and, to a lesser extent, property losses from civil unrest ... Read the full article
The Hanover reports Q1 net loss amid equity market declines
29th April 2020
The Hanover Insurance Group, Inc. has reported that COVID-19-induced financial market volatility led to a decline in the fair value of equity securities of more than $107 million in Q1 2020, as the company announces a net loss of $40 million for the period. At a loss of $40 million, the ... Read the full article
James Kelley named President of Hanover Specialty Industrial Property
17th April 2020
The Hanover Insurance Group has named James Kelley as President of Hanover Specialty Industrial Property, replacing James Abraham, who is retiring from the firm in April. In his new role, Kelley will take responsibility for enhancing the company's board portfolio of insurance solutions for complex high hazard industrial business. Most recently, Kelley ... Read the full article
The Hanover appoints Dennis Kerrigan as exec VP, general counsel
6th April 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has appointed Dennis Kerrigan as executive vice president and general counsel. Kerrigan’s appointment will see him oversee The Hanover's legal, regulatory and government affairs, as well as compliance, state filings, securities, and corporate governance matters. He brings decades of corporate counsel, insurance and ... Read the full article
Genstar, industry execs launch fronting insurance holding firm
30th March 2020
Private equity firm Genstar Capital has partnered with insurance industry executives to establish Obsidian Insurance Holdings, Inc., a new fronting insurance holding company with $100 million of capital. Obsidian's insurance carrier subsidiary, Obsidian Insurance Company, has received a financial strength rating of A- from AM Best to issue policies underwritten by ... Read the full article
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