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News Breaks
June 12, 2014
08:34 EDTTHGHanover Insurance sees FY14 operating EPS at lower end of $4.80-$5.20 view
Consensus is $4.90. Says on track to deliver FY financial goals, deliver on guidance. Sees FY14 assumed catastrophe loss ratio of 5%, net investment income down about 2%. Says on track for growth of mid single digits for the year. Anticipates net investment income will begin moving upward in 2015. Comments from slides that will be presented at the company's Investor Day Meeting.
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April 13, 2015
08:09 EDTTHGHanover Insurance agrees to transfer UK motor business to Markerstudy
Hanover Insurance announced that it has signed a definitive agreement through which it will transfer its United Kingdom motor business to Markerstudy Group, a UK-based insurance provider. The transaction will be executed through a 100% reinsurance arrangement for prior claim liabilities and in-force policies written by this division and the sale of the entities associated with this business. The transaction, subject to regulatory approvals as well as satisfaction of certain closing conditions, is expected to close in the third quarter. It is not expected to have a material impact on The Hanover's 2015 operating earnings. The total consideration for the transaction is approximately $60M. In 2014, this business generated net premiums written of $297.7M and net premiums earned of $305.9 million. This division produced a net combined ratio of 100.7% in calendar year 2014, including a loss ratio of 73.5% and an expense ratio of 27.2%.

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