August 5, 2010
Hanover Posts Dramatic Profit Slide On Catastrophe Losses
By Matthew L. Brown
The Worcester-based Hanover Insurance Group said $85 million in catastrophe losses drove the company's profit down to $2.3 million in the second quarter from $64.4 million a year earlier.
Still, the company wrote $802 million in premiums during the quarter, a 21 percent increase over last year. It also realized $400,000 in investment gains after losing $3.2 million on investments a year ago.
The company said improving its "business mix" and making gains on investments helped it weather the stormy quarter, which saw catastrophe losses mount for property and casualty insurers across the industry.
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