Hanover Begins Westward Expansion
The Hanover Insurance Group Inc. of Worcester plans to expand into seven Western states in January.
The company said 200 agents will cover Arizona, California, Colorado, New Mexico, Oregon, Utah and Washington.
A full line of Hanover’s property, casualty and specialty insurance products will be available in those states.
The company has already established offices in Denver and Sacramento, and plans to open others in Phoenix, Los Angeles, San Francisco and Seattle.
The core states where the company does business currently are Michigan, Massachusetts, New York and New Jersey.
Hanover reported $49.7 million in profit for the quarter ended Sept. 30. That’s up from a nearly $62 million loss the insurer recorded for the same period in 2008. Premiums brought in $837.4 million in revenues during the quarter, while investment income totaled $62.1 million.
The company also increased its annual dividend to $0.75 per share, up from $0.45 last year. The increase, announced in October, was the fifth time in as many years that the company increased its dividend payment.
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