Welcome! Login | Register
 

25 Fun Things To Do For Free In New England—Spring has sprung in New England, and after…

Ask a Bartender: Is Garnish Really Necessary?—First, let’s be clear. A garnish is any…

Monfredo: Worcester School Committee Honors the Life and Work of “Ted” Coghlin—Edwin B. “Ted” Coghlin, who passed away during…

Sharks Clinch Spot in Calder Cup Playoffs!—Sharks clinch a playoff spot

Fit For Life: It’s All in Your Head…—Physically, we are one of the most inferior…

Leonard Moorehead, The Urban Gardener: Container Gardens for Urbanites—Container gardens are perfect for urbanites and often…

Summer Reading With Robin 2015—I don’t think anyone will soon forget the…

MA Beauty Expert: The Art of Concealment – New Skin Cover-Ups—Beauty farewells are never easy,

NEW: Gun Found in Locker at Worcester’s Burncoat High—On Friday, a gun was found in a…

Saul Kaplan: Don’t Get Netflixed—R&D for new business models is the new…

 
 

NEW: Hurricane Sandy to Cost The Hanover More Than $120 Million

Monday, December 10, 2012

 

The Hanover Insurance Group, Inc. announced a preliminary loss estimate from Storm Sandy, which produced widespread damage along the East Coast of the United States in late October.

The Hanover currently estimates the net after-tax earnings impact of this storm to be in the range of $120 to $140 million, or $2.65 to $3.09 per share.

The majority of losses from Storm Sandy resulted from The Hanover's domestic Commercial and Personal lines segments. Based on these preliminary estimates, the Company believes it is unlikely to exceed the retention on its domestic property catastrophe reinsurance program. The domestic losses are primarily from commercial multiple peril and homeowners policies in the states of New York and New Jersey. Given the complexity of the claims process and the nature of the damage caused by Sandy, the actual amount of losses from this storm may differ materially from current estimates.

"While this storm impacted a major market for us, our initial review and analysis of losses, relative to the level of our market presence, demonstrated that the diversification strategy and exposure management efforts we've implemented over the last several years have been effective," said Frederick H. Eppinger, chief executive officer at The Hanover.

"The scope of this storm was unprecedented and caused tremendous hardship for many. We continue to support our agents and their customers, ensuring the highest level of service as families and businesses get back on their feet in the wake of this event. Our entire claims organization is committed to resolving claims effectively and efficiently, and we are proud of the great work they are doing," Eppinger said. 

 

Related Articles

 

Enjoy this post? Share it with others.