(Reuters) – Property and casualty insurer Hanover Insurance Group Inc posted a quarterly profit above Wall Street estimates for the third time on the trot, helped by lower catastrophe losses and firming insurance rates.
Catastrophe losses fell to $40.6 million for the first quarter from $49.7 million in the year-ago period, which witnessed severe winter weather in the United States and devastating earthquakes in the Asia-Pacific region.
The 160-year-old insurer, which insured U.S. ships carrying cargo across the Atlantic during the World War I, posted a profit of $49.7 million, or $1.09 per share, up from $29.3 million, or 64 cents per share, last year.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
