Reinsurance News
The Hanover
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 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
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 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 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 Sarah Medina president of professional liability
2nd March 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has appointed Sarah Medina president of professional liability. Medina will work closely with The Hanover’s specialty leadership to help enhance the company’s portfolio of professional liability products. She brings more than 20 years’ experience to the role and has been with The Hanover ... Read the full article
The Hanover names Cynthia Egan vice chair amid board reshuffle
28th February 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has named Cynthia Egan vice chair of its board of directors. Egan has served The Hanover’s board since 2015 and has been elected to eventually succeed Kevin Condron, who is due to retire in 2021. She was president of retirement plan services for ... Read the full article
The Hanover’s combined ratio improves in Q4 and full year 2019
5th February 2020
The Hanover Insurance Group, Inc. has reported a decline in net income for the fourth-quarter of 2019 to $109.8 million, while its combined ratio strengthened slightly to 96.2% in Q4 2019, when compared with the prior year quarter. The Hanover's net income fell from the $123.6 million recorded in the fourth-quarter ... Read the full article
The Hanover’s Q4 non-cat property losses above expectations
16th January 2020
The Hanover Insurance Group, Inc. has revealed that it expects its fourth-quarter 2019 non-catastrophe property losses to exceed expectations by roughly $20 million, pre-tax. The holding company states that the losses were mainly driven by non-catastrophe weather activity in homeowners, and also large property losses in commercial multiple peril and certain ... Read the full article
The Hanover appoints duo to commercial leadership roles
3rd January 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced the appointments of Matthew Mitchell and Scott Grieco to leadership positions within its commercial lines business. Effective January 1, Mitchell will become President of The Hanover’s middle market business, reporting to Michael R. Keane, President of Commercial Lines. Mitchell previously served ... Read the full article
Lower cat losses help The Hanover maintain earnings growth in Q3
31st October 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group has reported an 18.4% increase in net income during the third quarter of 2019, helped by lower catastrophe losses. The company posted net income of $118.9 million in Q3 2019, compared with $100.4 million for the same period last year. Catastrophe losses came ... Read the full article
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