February 9, 2011
Q4 Profits Up 1.9% For Hanover Insurance
The Worcester-based Hanover Insurance Group reported fourth-quarter profits of $58.4 million, an increase of 1.9 percent over the same period a year earlier.
Hanover posted $154.8 million in profits for the full year, which was down 22 percent from 2009.
The insurance group's net premiums surpassed the $3-billion mark for the first time in the company's history in 2010.
Also for the first time, commercial premiums accounted for more than half of the company's business last year.
Hanover took a harder hit in 2010 when it came to forces of nature. The pre-tax net impact of catastrophes last year was $160.3, up 62 percent over 2009.
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