Profit Dips 42% at The Hanover in Q1

The Hanover Insurance Group on Wednesday announced net income for the first quarter of $45.2 million, a 42% decrease from $78.2 million in the first quarter of 2016. Net premiums written grew 3.7% in the quarter, to $1.187 billion. For commercial lines, net premiums written were $625 million in the quarter, up 3.5% from the prior-year quarter, which the company said was driven by continued pricing increases, strong retention and targeted new business expansion. Combined ratio for the company overall was 99.5% for the quarter, up from 95% in the prior-year quarter. For commercial lines, combi...