Hanover Posts $50M In Quarterly Profit
Hanover Insurance Group continued its rebound from a challenging 2011, posting a 70-percent increase in profit during the first quarter of this year, the company announced.
The Worcester-based property and casualty insurer reported a profit of $49.7 million, up from $29.3 million in the first quarter of 2011. Hanover also reported a 36-percent jump in the value of net premiums written, from $750 million in the first quarter of 2011 to $1.02 billion in the first quarter of this year. The company said the increase was driven by 15-percent growth in its commercial lines, and $200.2 million from its acquisition last year of London-based Chaucer Holdings Plc.
The company had rebounded in the fourth quarter of 2011, ending the year with a $37.1 million profit after overcoming $361.6 million in catastrophic losses brought on by tornadoes, hurricanes and flooding in various parts of the world.
"We are pleased to start 2012 with solid results and positive momentum in our businesses, which, overall, were in line with our expectation," said Frederick H. Eppinger, the company's CEO.
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