Hanover estimates Q1 catastrophe losses of $175M pre-tax; CEO calls it break-even quarter

HANOVER INSURANCE GROUP, INC.

2023-Q1 EPS reported -$0.34 revenue$1,443,700,000

Preliminary Q1 2023 catastrophe loss estimate of $175M pre-tax (12.7 pts of net earned premium).
Losses from over 20 events: Feb freeze in Northeast/Midwest and March wind/tornadic storms across nearly half the U.S.
CEO Roche says catastrophe activity turned a 'very solid quarter' into approximately break-even operating results.
Company accelerating price/deductible increases in property lines and enhancing underwriting and risk prevention.

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