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 specialty lines, reported in its other commercial lines business.
The Hanover adds that these losses are partially expected to be offset by lower than expected catastrophe losses, while current accident year liability loss trends and overall prior-year reserve activity are expected to be in line with expectations.
In light of the above, the firm has said that it expects its fourth-quarter 2019 combined ratio to be in the range of 96.1% to 96.5%.
The announcement suggests that non-cat property losses have exceeded budget for The Hanover in Q4. The firm is expected to announce its fourth-quarter 2019 results when the market closes on February 4th, 2020.
