Hanover Net Income Jumps 43% despite Decline in Premiums

The Hanover Insurance Group on Wednesday reported net income of $78.3 million during the third quarter, up 43% from $54.9 million in the third quarter of 2014. That increase in profits came even though net premiums written declined 8% to $1.2 billion in the third quarter of 2015 from $1.25 billion in the prior-year quarter. The Hanover reported $617.6 million in net written premiums for commercial lines, up from $576.6 million in the prior-year quarter. The carrier reported unfavorable prior-year loss-reserve development primarily driven by auto, which was offset by favorable development in ...