WORCESTER, Mass., March 28,
2022 /PRNewswire/ -- The Hanover Insurance
Group, Inc. (NYSE: THG) today published select historical quarterly
and annual financial information reflecting the planned changes to
the company's segment reporting, as was announced on its fourth
quarter earnings call. The change in segment reporting does not
affect the company's previously reported consolidated results of
operations, underwriting ratios, financial condition or cash
flows.
Beginning with first quarter 2022 reporting, the company will
disaggregate the former Commercial Lines segment into Core
Commercial and Specialty segments, including expenses, allocated
net investment income, and other income and expenses for each.
Additionally, the company will expand its reporting of top-line
measures to include line of business and sub-segment net premiums
written, renewal price change, retention, and other such
measures. Concurrently, the company will no longer report
supplemental loss ratio information by product line for its Core
Commercial segment. Finally, although the company's Personal Lines
segment definition did not change, in order to streamline reporting
and better align with industry practice, its homeowners sub-segment
will be combined with other personal lines, which is primarily
comprised of the company's personal umbrella product.
Select historical financial information for 2019 through 2021, a
supplemental presentation reflecting the changes discussed in this
news release, and additional descriptions and definitions, are
available in the "Investors" section of the company's website at
hanover.com.
"We are excited to provide further transparency and visibility
into additional growth and profitability levers of our business,"
said Jeffrey M. Farber, chief
financial officer at The Hanover.
"We believe the changes we have made to our reporting will give our
investors and analysts an enhanced view of both our Specialty and
Core Commercial businesses. Over the last decade, we have built a
successful Specialty business, which has now surpassed $1 billion in net premiums written, while our
Core Commercial business is approaching $2
billion in net premiums written. We are excited about the
prospects within each of these businesses and look forward to
discussing the financials of each in more detail on our first
quarter earnings call."
The company's first quarter financial results are expected to be
published after the market closes on Tuesday, May 3. The company expects to webcast a
discussion of its results on Wednesday, May
4, at 10:00 a.m. ET, through
its website at hanover.com.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for
several property and casualty insurance companies, which together
constitute one of the largest insurance businesses in the United States. The company provides
exceptional insurance solutions through a select group of
independent agents and brokers. Together with its agent partners,
the company offers standard and specialized insurance protection
for small and mid-sized businesses, as well as for homes,
automobiles, and other personal items. For more information, please
visit hanover.com.
Contact Information
Investors:
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Media:
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Oksana
Lukasheva
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Michael F.
Buckley
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Emily P.
Trevallion
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Email:
olukasheva@hanover.com
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Email:
mibuckley@hanover.com
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Email:
etrevallion@hanover.com
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1-508-525-6081
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1-508-855-3099
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1-508-855-3263
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Definition of Reported
Segments
Continuing operations following this change in segment reporting
include four operating segments: Core Commercial, Specialty,
Personal Lines and Other. The Core Commercial segment offers a
suite of products targeted at the small to mid-size business
markets, which include commercial multiple peril, commercial
automobile, workers' compensation and other commercial lines. The
Specialty segment includes coverages such as management and
professional liability, marine, Hanover Programs, specialty
industrial and commercial property, monoline general liability,
surety and other commercial lines, as well as Core Commercial
products provided to Specialty customers. The Personal Lines
segment markets automobile, homeowners and ancillary coverages to
individuals and families. The "Other" segment includes Opus
Investment Management, Inc., which provides investment management
services to institutions, pension funds and other organizations,
the operniations of the holding company, as well as a block of
run-off voluntary property and casualty pools business in which the
company has not actively participated since 1995.
Forward-Looking Statements and
Risk Factors
Certain statements in this document and comments made by
management may be "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, may be forward-looking
statements. Words such as, but not limited to, "believes,"
"anticipates," "expects," "may," "projects," "projections,"
"prospects," "plan," "likely," "potential," "targeted,"
"forecasts," "should," "could," "continue," "outlook," "guidance,"
"modeling," "look forward" and other similar expressions are
intended to identify forward-looking statements. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. The company cautions investors that any such
forward-looking statements are estimates, beliefs, expectations
and/or projections that involve significant judgment, and that
historical results, trends and forward-looking statements are not
guarantees and are not necessarily indicative of future
performance. Actual results could differ materially from those
anticipated. Investors should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made, and should understand the risks and uncertainties
inherent in or particular to the company's business. The company
does not undertake the responsibility to update or revise such
forward-looking statements.
This release should be read and interpreted in conjunction with
information regarding risk factors and forward-looking information
as set forth in the company's most recently filed reports on Form
10-K and Form 10-Q and other documents filed by The Hanover
Insurance Group, Inc. with the Securities and Exchange Commission
("SEC") and that are also available at hanover.com under
"Investors."
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SOURCE The Hanover Insurance Group, Inc.