November 4, 2009
Hanover Swings To $50M Profit In Q3
By Matthew L. Brown
The Worcester-based Hanover Insurance Group reported third quarter net income of $49.7 million compared to a $61.8 million loss in the same period a year ago.
The third quarter of 2008's results were hurt by $52.8 million in losses on investments, an $18.3 million loss on discontinued operations and $98.2 million in pre-tax catastrophe losses related to hurricanes Ike and Gustav.
Hanover's board of directors approved a 67 percent increase in the company's annual shareholder dividend and increased its existing stock repurchase authorization by $100 million.
The company said its recent growth is the result of "increasingly specialized commercial business."
At the end of the quarter, the company held $5.3 billion in cash and investment assets.
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