Welcome! Login | Register
 

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.…

Christie Administration Withholds Findings Into Baker Pay-to-Play Investigation—Republican Governors Association Chair Chris Christie and his…

5 Good Things That Happened To The Patriots This Weekend—Pats relaxed as good things happened for them.

Angiulo: A Call to End Mandatory Minimum Sentences in Massachusetts Drug Cases—The Chief Justice of the Massachusetts Supreme Judicial…

TankTheGasTax.Net PAC Endorses Rehl for State Representative—TankTheGasTax.Net PAC has endorsed Mark Rehl for State…

Smart Benefits: When Dental and Vision Don’t Count…Under PPAC, That Is—The IRS, DOL and HHS recently issued final…

AIDS Project Worcester and Pathways for Change to Host Masquerade Ball—AIDS Project Worcester and Pathways for Change will…

Best Halloween Events in New England—Halloween is less than two weeks away.

 
 

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.