October 13, 2011
Weather Causes Losses At Hanover
The Hanover Insurance Group Inc. of Worcester says Hurricane Irene and other severe weather will contribute to a loss of between 37 and 47 cents per share in the third quarter.
Hanover said it expects weather-related losses of between $110 million and $115 million before taxes, or $1.57 to $1.65 per share, including $55 million to $60 million from Hurricane Irene alone.
Aside from weather-related issues, the company said the impact of weak economic conditions on loss reserves in its surety business also affected its finances in the third quarter, which ended Sept. 30.
The company plans to release its financial results for the quarter after the markets close on Wednesday, Nov. 2.
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