Hanover Insurance Sees Q3 Catastrophe Pre-tax Loss Of $90 Mln

(RTTNews) - The Hanover Insurance Group, Inc. (THG), an insurance provider, said in a preliminary report on Thursday that it expects a pre-tax loss for the third-quarter, mainly due to the impact of Hurricane Ian. As per the preliminary estimate, the company is expected to post third quarter catastrophe loss of around $90 million before taxes.

The estimate is approximately $22 million above Hanover's pre-tax third quarter catastrophe assumption, driven primarily by the effects of Hurricane.

Estimated catastrophe loss from natural disaster is around $28 million, before taxes, primarily in the company's Commercial Lines book in Florida.

The quarterly result is also impacted by higher ex-CAT loss activity in the company's Personal and commercial multiple peril or CMP property lines, largely stemming from ongoing inflationary pressures, as well as property large losses in CMP, the company said in a statement.