October 6, 2017

Hanover's hurricane losses total up to $225M

File photo
The Hanover Insurance Group is reporting high losses after recent natural disasters.

The Hanover Insurance Group in Worcester is estimating third-quarter losses of up to $225 million, due to three hurricanes and two Mexico earthquakes

The figures, announced Thursday, include estimated losses of $115 million to $135 million before taxes from the company's international specialty group Chaucer.

The largest losses are due to hurricanes Harvey and Irma, predominantly in the company's treat, direct property, marine and energy lines, Hanover said in the press release.

Losses in the company's domestic business are estimated to be between $70 million to $90 million before taxes and net of reinsurance, Hanover said.

That figure -- mostly from the commercial lines business -- is blamed largely on Hurricane Harvey, which battered the Gulf of Mexico and parts of coastal Texas in late August, Hanover said.

"The unprecedented catastrophe activity in the quarter has caused tragic losses for many," said Joseph Zubretsky, president and CEO at The Hanover, in a press release. "We are hard at work, providing our partners and customers with the responsive service and support they expect and deserve."

A better picture of loss estimates will be reflected in Hanover's third-quarter financial results due to be announced Nov. 1.

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