Hanover declares stock dividend
Investors in Hanover Insurance Group will see an 11-percent increase in their quarterly dividends during the holidays.
The Worcester-based property and casualty insurer said its board last week approved a dividend of 41 cents to shareholders of record as of the close of business Dec. 15. The dividend will be paid Dec. 26.
President and CEO Frederick H. Eppinger cited revenue growth and a strong balance sheet in announcing the dividend. “Our business continues to generate strong earnings momentum, driven by revenue growth, improved underwriting performance and the overall strength of our franchise,” he said in a statement.
The Hanover, the largest publicly-traded company based in Worcester, had reported net income of $54.9 million for the third quarter, which ended Sept. 30. Revenue came in at $1.266 billion, up from $1.202 billion in the third quarter of 2013.
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