May 3, 2011
Hanover Weathers First Quarter Declines
By Brandon Butler
Despite a slight increase in overall premiums written, first-quarter profits for The Hanover Insurance Group declined year-over-year almost 30 percent to $29.3 million.
The Worcester-based company said severe winter weather impacted its earnings.
Commercial catastrophe-related losses increased from $18.6 million last year to $27.5 million this year. Meanwhile, personal losses increased from $15.8 million to $22.2 million.
Overall, written premiums increased 8.8 percent to $749.9 million, which the company credited to increased offerings in specialty business segments.
The company reported $5.2 billion in cash and investments.
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