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The Hanover improves FY income despite upswing in cat losses
3rd February 2022
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has reported improved net income for the full-year 2021 period, despite incurring significantly larger catastrophe losses than in the previous year. The company reported net income of $418.7 million for 2021, compared with $358.7 million in the previous year, as ... Read the full article
The Hanover Q3 income falls to $34m on heavy cat losses
28th October 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has reported net income of $34.0 million for the third quarter of 2021, compared to $118.9 million for the same period last year. The considerable drop in performance can be mainly attributed to the $153.5 million of catastrophe losses that ... Read the full article
The Hanover Q3 cat losses could reach $165m, nearly half from Ida
22nd September 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has released a preliminary estimate of its catastrophe losses for the third quarter of 2021, which it says will be in the range of $150 million to $165 million, before tax. Estimated losses from Hurricane Ida alone are approximately $75 ... Read the full article
The Hanover reports higher Q2 net income of $128.5mn
28th July 2021
The Hanover Insurance Group has reported a net income of $128.5 million for Q2 2021, compared to $115.2 million for the prior year period. Its operating income came in at $104 million, compared to $62.7 million last year. The insurer claims that the difference between its net and operating income was primarily ... Read the full article
The Hanover posts strong Q1 result despite unprecedented cat activity
30th April 2021
The Hanover Insurance Group, Inc. has announced net income of $92.7 million for Q1 2021 against a net loss of $40 million for the prior year quarter, despite its catastrophe ratio increasing from 3.3% to 11.5% for the period. Despite the net income turnaround in the quarter, The Hanover's operating income ... Read the full article
Willard Lee named CIO at The Hanover
28th April 2021
Property and casualty (P&C) insurance company The Hanover Insurance Group, Inc. has announced the appointment of Willard T. Lee as Executive Vice President, Chief Information and Innovation Officer, effective immediately. In this role, Lee will be responsible for advancing the company's information technology roadmap and delivering technology solutions that support its ... Read the full article
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