"Hurricane Ida caused widespread damage and tragic loss of life from the Gulf Coast to the Northeast," said John C. Roche, president and chief executive officer at The Hanover. "Our thoughts are with all those who have been impacted. We are committed to helping our customers and their communities recover quickly. Our efforts to manage coastal exposure have been very successful in the past and will continue as we and the industry adjust to changing weather patterns. Catastrophes aside, we expect our third quarter results to reflect our strong underlying performance, highlighting our distinctive market position, as well as our proven underwriting, pricing and risk management expertise."
The Hanover Estimates Third-Quarter Catastrophe Losses
The Hanover Insurance Group, Inc. today announced its preliminary estimate for third quarter catastrophe losses, based on information available to date, to be in the range of $150 to $165 million before taxes, or $119 to $130 million after taxes. The midpoint of the estimate is approximately $97 million above the company's pre-tax third quarter catastrophe load, driven primarily by the effects of Hurricane Ida. Estimated losses from this storm are approximately $75 million, before taxes, primarily stemming from losses in the Northeast and, to a lesser extent, the Gulf and Mid-Atlantic states. Hurricane Ida came in the midst of an already active catastrophe season in July and August, which included 18 industry catastrophe events impacting The Hanover's geographic footprint.
Source: The Hanover | Published on September 22, 2021
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