THG - Hanover Insurance Q2 catastrophe losses rise significantly

2023-07-20 08:59:12 ET

• The Hanover Insurance Group ( NYSE: THG ) said on Thursday that its Q2 catastrophe losses rose significantly.
• The company's estimated Q2'23 pretax catastrophe losses stand at ~$262M, or 18.5 points of net earned premium.
• This compares to the insurer's Q2'22 catastrophe losses of $77.4M.
• The insurer said its Q2'23 catastrophe losses stemmed from 19 convective storms across multiple states.
• "We experienced significant catastrophe losses in the second quarter, which according to industry estimates, is expected to be the worst second quarter for U.S. catastrophe losses since 2011, and potentially the industry's costliest quarter for hail losses in history," said CEO John Roche said.
• THG shares were trading -3.71% pre-market.
• Source: Press Release

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