The Hanover Posts $13.5 Million Loss in Q4

The Hanover Insurance Group Inc. has reported a net loss of $13.5 million for the fourth quarter, compared to net income of $77.6 million in the fourth quarter of 2015. Net income for the full year was $155.1 million, a 53% decrease from net income of $331.5 million for 2015. As a result of a comprehensive reserve review in the fourth quarter, the company recognized domestic unfavorable prior-year reserve development, excluding catastrophes, of $174.1 million, or approximately 5% of domestic net reserves. The company recognized unfavorable development in general lia...