The Hanover posted a fourth-quarter net loss of $55 million primarily due to the impact of Superstorm Sandy, while two other regional insurers—Cincinnati Financial and Selective—managed more positive results.
The Hanover reported Q4 catastrophe losses of more than $132 million—which includes $128.8 million related to the superstorm that wreaked havoc on New Jersey and New York on Oct. 29, producing an estimated industrywide loss of $25 billion.
"While Sandy had significant impact on our bottom line, we expect losses from this storm will be substantially lower than our market share would indicate, validating the effectiveness of our exposure-management actions and underscoring the quality of our underwriting," CEO Frederick H. Eppinger says in a statement.
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.
