NU Online News Service, Nov. 04, 12:08 p.m. EDT

|

Net written premiums for The Hanover Insurance Group were up 17percent during the 2010 third quarter compared with the prior yearperiod due to its implementation of a deal announced late last yearwith OneBeacon Insurance Group.

|

Hanover said its net income for the third quarter was $52.3million compared to $49.7 million during the same quarter a yearago.

|

Frederick H. Eppinger, chief executive officer, said thecompany's strategic plan is working. He said Hanover's focus on"industry-focused niches and specialty line, geared toward MainStreet business, have allowed [Hanover] to gain shelf space withwinning agents without engaging in aggressive pricingbehavior."

|

Last December OneBeacon sold the renewal rights to its non-specialtycommercial lines business to Hanover. The transaction includedsmall commercial accounts and the non-specialty portion of themiddle-market business, beginning with a Jan. 1, 2010 effectivedate.

|

Third quarter commercial lines income was $35.1 million comparedto $38.7 million last year during the same time as net premiumswritten was up 42.2 percent to $415.3 million.

|

Income in Hanover's personal lines business was up to $43million in the third quarter compared to $27.4 million for the 2009third quarter.

|

There was a 2.1 percent decline in net premiums written to$388.4 million in personal lines, driven by risk exposurereductions in Louisiana, Massachusetts and Michigan, Hanover said.The company closed two subsidiaries in Louisiana and shifted somepolicies to another insurer.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.