The Hanover reports Q1 profit in robust rates environment for commercial lines
The Hanover Insurance Group (HIG) reported a profit for the first three months of 2021, in results its chief executive officer (CEO) said demonstrated its ability to capitalise on attractive market opportunities.
HIG reported net profit of $92.7 million for Q1 2021, having made a net loss of $40 million in the first three months of 2020.
HIG’s reported net written premiums of $1.2 billion for Q1, inching up from the $1.14 billion reported in the same period the previous year. Its combined ratio increased to 98.8 percent, from 95.2 percent the previous year.
John Roche, HIG’s president and CEO, said its net premiums written growth had exceeded its original expectations and demonstrated its ability to capitalise on attractive market opportunities.
“The commercial lines rate environment continues to be robust, as evidenced by average rate increases of 6.1 percent in our core commercial business and further rate acceleration in most of our specialty businesses,” he said. “We believe the commercial pricing environment will remain strong moving forward.”
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