Massachusetts-based insurer The Hanover posted first-quarter profits of $29.3 million, down slightly from the $41.8 million seen in the year-ago period.
Profits came on an increase in net premiums written to $749.9 million, up from the $725.2 million in the first quarter of 2010.
“Winter weather resulted in elevated catastrophe and non-catastrophe losses, but our core performance improved over prior quarters, as we continued to benefit from our focus on key profitability levers,” said CEO Frederick H. Eppinger.
Pre-tax income at The Hanover’s commercial lines segment was $18.4 million, down from $22.8 million in the year-ago period. Catastrophe-related losses were $27.5 million, or 6.9 points, of the first quarter combined ratio, which was 103.7. Last year, cat losses were $18.6 million, or 6.2 points, of the 102.7 combined ratio last year.
Its personal lines segment generated $30.1 million in pre-tax income, a little less than the $34.5 million seen last year. The Personal lines combined ratio was 97.5 in the current quarter, compared to 97.3 in the prior-year quarter. Catastrophe-related losses were $22.2 million, or 6.2 points, of the first quarter combined ratio in 2011, compared to $15.8 million, or 4.3 points, in the prior-year quarter.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
AI for the Defense: Should Insurers or Law Firms Pay? 
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
