Reinsurance News
The Hanover Insurance
The Hanover posts Q1 loss as cat loss results in weaker combined ratio
3rd May 2023
The Hanover Insurance Group, Inc. reported a net loss of $12.0 million in the first quarter of 2023, compared to net income of $104.9 million, as its pre-announced $175.0 million in catastrophe losses resulted in a combined ratio of 104.4 percent. Group-wide, operating income also decreased from $117.7 million in Q1 ... Read the full article
The Hanover Insurance approximates $175m in cat losses for Q1
20th April 2023
The Hanover Insurance Group has announced its preliminary estimate for first-quarter 2023 catastrophe losses of approximately $175 million, before taxes or 12.7 points of net earned premium. Widespread wind and tornadic activity impacted nearly half of the U.S. in mid-to-late March. The first quarter catastrophe losses were caused by over 20 ... Read the full article
The Hanover sees $11.6m net loss in Q4 results
2nd February 2023
The Hanover has reported a net loss of $11.6 million for the fourth quarter of 2022, compared to a net income of $163.5 million from the same period last year. Operating loss for the quarter was $37.4 million, compared to an operating income of $122.1 million in the prior year quarter. At ... Read the full article
The Hanover reports top line growth, despite cat losses of $90mn
2nd November 2022
The Hanover Insurance Group has reported $1.50 billion of net premiums written (NPW) in the third quarter of 2022, a 9.5% increase compared to $1.37 billion of net premiums written in the third quarter of 2021. Net investment income for the quarter was $73 million, a decrease from $78.8 million from ... Read the full article
The Hanover announces cat losses of $90m for Q3
20th October 2022
Property and casualty insurance company The Hanover Insurance Group has announced a preliminary estimate for third quarter catastrophe losses of approximately $90m, before taxes, or 6.8 points of net earned premiums. In a statement, the firm said that the estimate is approximately $22m above the company's pre-tax third quarter catastrophe assumption, ... Read the full article
Social inflation in casualty insurance one of the most concerning trends
20th June 2022
Social inflation has been named one of the most concerning trends by insurers speaking on the second day of S&P Global Ratings' 38th Annual Insurance Conference. In a panel discussion, Kristof Terryn, CEO of Zurich North America, said that ‘social inflation’ on the casualty side was the one trend worrying him ... Read the full article
The Hanover elects Francisco A. Aristeguieta to board
15th June 2022
The Hanover Insurance Group has elected Francisco A. Aristeguieta to its board of directors. Aristeguieta currently serves as a special adviser for State Street Corporation, having stepped down recently as executive vice president. Aristeguieta served in various executive positions since joining State Street in 2019, including chief executive officer of State ... 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 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
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 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 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
The Hanover announces $250mn buyback & dividend, using Chaucer proceeds
6th December 2019
The Hanover Insurance Group has entered into an accelerated share repurchase (ASR) to buy back $150 million of its common stock, in addition to declaring a $100 million special dividend. The announcement completes the deployment of the $850 million of capital that the company generated through the sale of Chaucer, ... Read the full article
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