THG - The Hanover Insurance expects $133M in Q1 catastrophe losses

The Hanover Insurance (THG) expects its Q1 catastrophe losses to be ~$133M, before taxes, or $105M after taxes, led by the severe winter freeze events that spread across the Southern U.S. in February.Significantly impacted was was Texas, where the company estimates catastrophe losses related to two major winter events to be ~$90M, before taxes, primarily in its commercial multiple peril line."Despite heavy industrywide catastrophe losses during the quarter, The Hanover expects to report strong underlying financial performance, which is a reflection of its diversified business mix, leading market position, and broad-based underwriting profitability," president & CEO John C. Roche commented.Q1 results are slated for Apr.29 after market close.

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The Hanover Insurance expects $133M in Q1 catastrophe losses