Hanover Posts Third-Quarter Loss
Hurt by a downturn in property and casualty income and investment losses, insurance holding company Hanover Insurance Group Inc posted a quarterly net loss.
The company reported third-quarter net loss of $61.8 million, or $1.21 a share, compared with a profit of $53.9 million, or $1.03 a share, a year earlier.
Net loss included net realized investment losses of $52.8 million, or $1.04 per share. Total property & casualty pre-tax segment income slumped 84 percent to $13.8 million, hurt by catastrophe losses.
Published on October 31, 2008
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