The Hanover Insurance Group says first-quarter net income increased about 33.2 percent to $66.2 million.
CEO Frederick H. Eppinger says the Worcester, Mass.-based insurer received rate increases of 9 percent in core Commercial and Personal lines during the first quarter and it is seeing greater rate increases in Specialty.
Net premiums written during the first three months were about $1.1 billion, a 6 percent increase compared to the same period a year earlier.
In Commercial Lines, the combined ratio was 100.5 as catastrophe losses came in at $7.4 million for the first quarter. Net premiums written increased 3.1 percent to $483.6.
Turning to Personal Lines, catastrophe losses of $11.7 million during the first quarter, compared to $23 million in 2012, helped to improve the combined ratio to 96.5 from 98.
Net premiums written increased 1.7 percent to $341.6 million as rate increases were “more than offset by continued and planned exposure-management actions related to certain geographies,” Hanover says.
Specialty unit Chaucer turned in a first-quarter combined ratio of 86.7 compared to 93.8 a year ago. Net premiums written were up 25.6 percent to $251.5 million primarily due to additional retained premiums at Syndicate 1084.
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