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20 April 2018

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The Hanover pegs Q1 cat hit at up to $76mn

Laura Sanicola 16 April 2018

The Hanover Insurance Group estimated its net pre-tax catastrophe losses at between $66mn and $76mn, or 5.5 percent of its earned premiums for the first quarter.

The figure reflected winter storms in the Midwest and Northeast in January and last month, the Worcester, Massachusetts-based carrier said late today. It also includes favourable development of approximately $9.5mn on earlier cat losses, mainly tied to last year's hurricanes and California wildfires.

The estimated losses exceeded the insurer's cat assumptions by more than...

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