July 14, 2010
Hanover Weathers A Tough Quarter
The second quarter of the year brought more hail and thunderstorms than usual, and that brought The Hanover Insurance Group of Worcester an unusual amount of losses.
The Hanover estimated its pre-tax losses from catastrophe events at about $85 million. That added 12 points to the insurance carrier's combined ratio, a measure of profitability, for the second quarter.
The company said that over the past 10 years catastrophe losses added an average of 3.2 points to its second-quarter combined ratio.
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