A.M. Best Upgrades Hanover Ratings
A.M. Best Co. upgraded its financial strength rating for The Hanover Insurance Group Inc. of Worcester today, one day after the company reported a 56 percent drop in profits for the first quarter of the year.
The credit rating organization raised the financial strength rating of Hanover Insurance Group Property and Casualty Cos. from A- to A. It also upgraded its ratings for issuer credit ratings and senior debt of the publicly traded holding company, The Hanover Insurance Group Inc., from bbb- to bbb, and revised the outlook for the ratings from positive to stable.
A.M. Best credited the upgrades in part to the company's improved underwriting performance, reserve development and improved financial flexibility, as well as the sale of its life insurance business.
The company attributed its drop in profits for the first quarter mainly to severe winter storm property losses and investment losses.
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