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Hanover Projects Q3 Losses


Posted on 13 Oct 2011

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Hanover Insurance Group Inc projected a third-quarter loss from continuing operations and said its commercial and personal lines segments may have taken a beating from unusually severe weather-related activity.

The property and casualty insurer forecast a loss from continuing operations of 20-50 cents a share.

Hanover said its commercial and personal lines segments may have taken a hit of $110-$115 million before taxes, or $1.57-$1.65 a share, after accounting for taxes, due to weather-related events.

The company said its estimates included losses from domestic catastrophes, which were in the range of $85-$90 million, with Hurricane Irene alone accounting for nearly two-thirds of the losses.