The Hanover Insurance Group, Inc. reports developments in its property and casualty insurance business, which is conducted through insurance subsidiaries and distributed through independent agents and brokers. News commonly covers operating results across Core Commercial, Specialty, Personal Lines and Other, including net premiums written, renewal pricing, rate changes, loss and loss adjustment expense trends, combined ratios and catastrophe losses.
Company updates also address net investment income, book value, dividend declarations, annual shareholder meeting matters and financial-services conference participation. The recurring coverage reflects an insurance holding company whose earnings are shaped by underwriting performance, catastrophe experience, pricing discipline, expenses, investment portfolio returns and capital management.
The Hanover Insurance Group (NYSE: THG) announced that John C. Roche, President and CEO, along with Jeffrey M. Farber, Executive VP and CFO, will participate in a virtual fireside chat at the Keefe, Bruyette & Woods Insurance Conference on September 10, from 10:30 to 11:10 a.m. E.T. The event will be streamed live on hanover.com and will be available for replay for 90 days after the presentation. This discussion may include forward-looking statements and will address key factors affecting the company's performance.
The Hanover Insurance Group (NYSE: THG) has priced a registered offering of $300 million in senior, unsecured 2.50% notes maturing on September 1, 2030. The proceeds will be used to redeem its outstanding 6.35% subordinated debentures due in 2053, in addition to general corporate purposes. The offering is expected to close around August 24, 2020, pending customary conditions. Morgan Stanley, Wells Fargo, and J.P. Morgan are the joint book-running managers for the offering.
The Hanover Insurance Group (NYSE: THG) reported a net income of $115.2 million, or $3.01 per diluted share, for Q2 2020, a significant increase from $74.0 million or $1.79 per share in Q2 2019. Operating income was $62.7 million, down from $77.7 million year-over-year. The company experienced a 5.0% decrease in net premiums written, primarily due to pandemic-related premium returns. Despite a combined ratio of 96.2%, the outlook for 2020 was updated favorably with a projected improved combined ratio excluding catastrophes between 89.5% and 90.5%.
The Hanover Insurance Group, Inc. (NYSE: THG) will release its second quarter financial results on July 28, 2020, after market closure. A webcast discussing these results is scheduled for July 29, 2020, at 10:00 a.m. ET, available via their website hanover.com. The Hanover is a leading property and casualty insurance provider in the United States, delivering tailored insurance solutions through independent agents.