The Hanover Insurance Group has reported net income of $2.3m, or $0.05 per share, for the second quarter ended June 30, 2010, compared to $64.4m, or $1.25 per share, for the same quarter in 2009.
Total property and casualty segment income before interest expense and taxes was $14.6m in the second quarter of 2010, compared to $76.3m in the second quarter of last year. The pre-tax net impact of catastrophes was $85m in the second quarter of 2010, compared to $30.2m in the second quarter of 2009.
Net premiums written for the second of 2010 were $802m, an increase of 21% compared to $505.8m for the same period prior-year.
Frederick Eppinger, CEO of Hanover Insurance, said: “While record second quarter catastrophes affected both the industry and our company, I am pleased with the solid progress we made in strengthening our franchise.
“In line with our expectations, key trends continued to improve, benefiting from our rate actions, improving business mix and increasing leverage of the investments that we have made. We also continued to generate strong growth in Commercial Lines with winning agents, positioning our company to achieve stronger and more balanced earnings in the future.”