The Hanover Insurance Group, Inc. Provides Catastrophe Loss Guidance for the First Quarter of 2021
April 15, 2021 at 04:55 pm EDT
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The Hanover Insurance Group, Inc. provided catastrophe loss guidance for the first quarter of 2021. The company expects its first quarter catastrophe losses to be approximately $133 million, before taxes, or $105 million after taxes, driven primarily by the severe winter freeze events that spread throughout the Southern United States in February. The large impact was in Texas, where the company estimates catastrophe losses related to two major winter events to be approximately $90 million, before taxes, primarily in its commercial multiple peril line.
The Hanover Insurance Group, Inc. is the holding company, which is engaged in the business of property and casualty insurance products and services. The Company operates through three segments: Core Commercial, Specialty, Personal Lines and Other. Core Commercial product suite provides agents and customers with products designed for small and mid-sized businesses. Core Commercial segment coverages include commercial multiple peril, workersâ compensation, and other core commercial. Specialty segment offers a comprehensive suite of products focused predominately on small to mid-sized businesses. This includes various specialized products that are organized into four distinct divisions: Professional and Executive Lines, Specialty Property & Casualty, Marine, and Surety and Other. Personal Lines segment coverages include Personal automobile, and Homeowners and other personal lines. The Other segment primarily includes Opus, which provides investment advisory services to affiliates.
THE HANOVER INSURANCE GROUP, INC. 
