Welcome! Login | Register
 

$73 Million North High has 31% Dropout Rate—In hopes of improving the dropout rate and…

Tom Finneran: I’m Joe Citizen and I Disapprove These Messages—We’re less than two weeks away from Election…

McGovern and Markey Visit WPI to Tour Robotics Lab—U.S. Representative Jim McGovern and U.S. Senator Ed…

Fattman Slams Abraham Over Mismanagement—Stephanie Fattman, appearing Tuesday on The Jordan Levy…

See the Great Pumpkin Fest at the Ecotarium with Your Woo Card—The weekend is fast approaching, and GoLocalWorcester brings…

10 Best Loved Bacon Dishes in Worcester—We all love bacon.

Pagano Media Wins International Davey Award—Pagano Media wins 2014 International Davey Award

Paul Giorgio: Ebola Should Not Be A Political Football—It’s probably a good thing to worry about…

Former Federal Official to Give Lecture at Clark—Dan Sichel, a former senior official at the…

Report: Patriots Bolster Roster With Two Moves—Tuesday's are generally off days at Gillette Stadium.…

 
 

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.