The Hanover

The insurer’s CEO says it has identified 538 policies where coverage could be triggered.

Benign frequency due to fewer miles driven in personal helped offset a weaker underlying loss ratio in commercial driven by one large fire loss and an unquantified Covid-19 loss reserve.

The former senior vice president at AmWins replaces James Abraham, who is retiring.

Medina joined The Hanover in 2014 from The Hartford, having begun her career at Travelers.

Cynthia Egan, appointed vice chair, is poised to succeed current chairman Kevin Condron in May 2021.

Hanover reported Q4 earnings with the lowest expense ratio in over a decade, following a similar improving trend at WR Berkley and Travelers.

The carrier says the claims outstrip expectations by $20mn as it predicts a Q4 combined ratio of up to 96.5 percent.

Mitchell was appointed president of middle market, while Grieco was made chief product and underwriting officer for commercial and specialty.

An accelerated share buyback and a special dividend will complete the deployment of the $850mn generated through the China Re deal.

Hanover Insurance Group reported operating income for Q3 of $2.31/sh, a 17% increase from $1.97/sh in the prior period and a beat versus consensus at $2.09.

We highlight the key new disclosures by P&C companies at an investor conference on Wednesday, including AIG, WR Berkley, The Hanover, and Third Point Re.

The Hanover’s commercial lines combined ratio has improved by 4.5 percentage points in two years.