The Hanover posted a fourth-quarter net loss of $55 million primarily due to the impact of Superstorm Sandy, while two other regional insurers—Cincinnati Financial and Selective—managed more positive results.
The Hanover reported Q4 catastrophe losses of more than $132 million—which includes $128.8 million related to the superstorm that wreaked havoc on New Jersey and New York on Oct. 29, producing an estimated industrywide loss of $25 billion.
"While Sandy had significant impact on our bottom line, we expect losses from this storm will be substantially lower than our market share would indicate, validating the effectiveness of our exposure-management actions and underscoring the quality of our underwriting," CEO Frederick H. Eppinger says in a statement.
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