Hanover Insuranc Stock Price, News & Analysis

The Hanover Insurance Group reported a net loss of $11.6 million in Q4 2022, compared to a profit of $163.5 million in Q4 2021. Full-year net income fell to $116 million from $418.7 million, while operating income also declined to $199.9 million from $318.3 million. The company experienced a 9.7% increase in net premiums written, totaling $5.5 billion, and a combined ratio of 99.8% for 2022. Catastrophe losses were significant, reaching $402.6 million for the year. Despite challenges, including the impact of Winter Storm Elliott, the board approved an 8% dividend increase to $0.81 per share. Book value per share stands at $65.38, reflecting a 1.2% increase from Q3 2022.

The Hanover Insurance Group (NYSE: THG) has appointed Kate B. Williams as President of its Excess and Surplus (E&S) division. Williams, who has nearly 21 years of experience including over 12 years at Markel, will oversee E&S solutions for small to mid-size clients. Her role aims to enhance the company’s E&S offerings, empowering distribution partners in the growing surplus lines market.

According to Bryan J. Salvatore, President of Specialty at Hanover, Williams’ extensive expertise will help continue the momentum in the E&S practice, ultimately benefiting clients and partners.

The Hanover Insurance Group, Inc. (NYSE: THG) announced an estimated $190 million in fourth quarter catastrophe losses, exceeding previous expectations by $137 million. The significant losses were primarily attributed to Winter Storm Elliott, which caused about $165 million in claims, mainly impacting its core commercial business. Despite these losses, the company's combined ratio, excluding catastrophes, is projected at 94.1% for the quarter and 92.1% for the year, aligning with earlier guidance. The company anticipates an after-tax net loss per share of $(0.33) and an operating loss per share of $(1.05).

The Hanover Insurance Group (NYSE: THG) announced that it, along with its employees, raised $1,458,000 for United Way and other nonprofits through its annual campaign. The campaign saw 82% employee participation, significantly higher than the national average. Funds will support 88 United Way chapters and over 1,900 nonprofits throughout 2023. This initiative highlights the company's commitment to community support and demonstrates strong employee engagement in charitable activities. CEO John C. Roche praised the collective efforts in making a positive impact on local communities.

The Hanover Insurance Group (NYSE: THG) appointed David J. Lovely as executive vice president and chief claims officer, effective immediately. Lovely, who brings over 35 years of experience, previously worked at PricewaterhouseCoopers and Aviva Group. He will oversee claims strategy and execution, succeeding Mark Welzenbach, who retires after 17 years. CEO John C. Roche expressed confidence in Lovely's leadership to enhance employee and customer experiences. This transition aims to strengthen the company's claims servicing capabilities.

The Hanover Insurance Group (NYSE: THG) will release its fourth-quarter and full-year financial results on February 1, 2023, after market close. A webcast discussing these results is scheduled for February 2, 2023, at 10:00 a.m. ET. The company, a major player in the U.S. property and casualty insurance sector, serves small to mid-sized businesses and personal insurance needs through independent agents. For more information, visit hanover.com.

The Hanover Insurance Group (NYSE: THG) launched the Small Business Digital Exchange Gateway, a collection of insurtech platforms enhancing agent-carrier connectivity for small businesses. This innovative solution supports business owner's, workers' compensation, and management liability policies across various commercial lines. Currently accessible via seven third-party platforms, it aims to streamline the placement process for agents. Plans are in place to expand offerings to include additional product lines, further aiding agents in efficiently placing business.

The Hanover Insurance Group (NYSE: THG) has announced an 8% increase in its quarterly dividend to $0.81 per share. This increase will be effective for shareholders of record as of December 15, 2022, with payment scheduled for December 30, 2022. CEO John C. Roche highlighted this decision as a testament to the company's strong strategic position and commitment to maximizing shareholder value in a dynamic economic environment. Investors are advised that future dividends are subject to board review and market conditions.