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A decrease in catastrophe losses in personal lines helped income in the segment increase to $27.4 million in the third quarter, compared with $18.1 million during the third quarter of 2008.
Hanover reported a 5.7% increase in net premiums written during the third quarter of 2009.
Frederick H. Eppinger, chief executive officer, said in a statement that Hanover's growth for the quarter was ignited by the company's "increasingly specialized commercial business." Segment income in commercial lines was $38.7 million in the third quarter of 2009, compared with a loss of $6.6 million during the same period last year. The combined ratio in the segment improved to 97.8 from 115.1.
Hanover (NYSE: THG | Quote | Chart | News | PowerRating) said year-to-year growth in net premiums written within commercial lines was attributed to the November 2008 acquisition of specialty property/casualty insurance company, AIX Holdings Inc., as well as growth in commercial niches, marine and Hanover Professionals. AIX provided general liability, workers' compensation, property and automobile products for "underserved markets where there are specialty coverage or risk management needs" (BestWire, Aug. 6, 2008).
Hanover's continued investments and expenses in both lines caused a decline in income, excluding catastrophes. Without catastrophe losses, income in personal lines would have been $42.8 million this third quarter, as opposed to $57.8 million during the prior year third quarter. Income in commercial lines would have been $48 million, compared with $51.9 million during the third quarter in 2008. Expenses were related to acquisitions and higher pension costs in commercial lines. Personal lines also saw higher pension costs, Hanover said.
Hanover Insurance Group Property and Casualty Cos. currently have a Best's Financial Strength Rating of A (Excellent).
In morning trading on Nov. 3, shares of Hanover Insurance Group stock were selling at $41.47, down about 0.8% from the previous close.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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