Hanover Insurance Ends 2011 In The Black
The Worcester-based Hanover Insurance Group made more in the fourth quarter of 2011 than it made all year.
The company rebounded in the final quarter of the year, earning $49.3 million that allowed it to end the year with a $37.1 million profit, overcoming $361.6 million in catastrophic losses brought on by tornados, hurricanes and flooding in various parts of the world.
"2011 was an unprecedented year, as it was impacted by global catastrophes, low interest rates and a challenging market environment," Hanover CEO Frederick Eppinger said in a statement. "However, we continued to improve our position in the market."
The company said the strong quarter was driven by a 36-percent increase in net premiums written over the same quarter a year ago. The company wrote $977.1 million in premiums, more than 20 percent of which was attributed to London-based Chaucer Holdings Plc, which Hanover acquired over the summer. For the year, net revenue from premiums was $3.6 billion.
Hanover's $37.1 million profit was down sharply from its 2010 profit, which totaled $154.8 million. Its fourth-quarter profit was also down, falling 16 percent from $58.4 million during the same quarter in 2010.
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