November 4, 2011
Hanover Insurance Posts Q3 Loss
The Worcester-based Hanover Insurance Group reported a net loss of $9.7 million for the quarter that ended Sept. 30.
The loss contrasts with a profit of $52.3 million during the third quarter of 2010.
Catastrophic losses totaled $64.7 million after taxes, impacted by Hurricane Irene and bad weather.
Net premiums written exceeded $1 billion, a 30.8 percent increase year-over-year.
The company increased prices in personal and commercial lines, a trend it expects to continue because of weather losses and economic forces.
The Hanover held $7.6 billion in cash and investment assets as of Sept. 30, including $2.4 billion from the acquisition of English insurer Chaucer Holdings earlier this year.
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