HANOVER BOOSTED BY CHAUCER AND LOWER CAT LOSSES

Massachusetts-based p/c insurer Hanover Insurance Group saw Q1 net income jump 70% to $49.7m, reflecting the contribution of Lloyd's insurer Chaucer, acquired last July, and lower catastrophe losses. Hanover's net written premiums for the period rose 36% to $1.02bn, including $200.2m from Chaucer and $468.9m from commercial lines, up 14.8%. Pre-tax segment income rose 72% to $85.7m, with commercial lines accounting for $33.9m (up from $18.2m), personal lines $27.5m (down from $30.3m), and Chaucer $25.5m. Improved results also reflected a decline in cat losses to $40.6m from $49.7m and a 13.9% increase in investment income to $68.8m. The combined ratio for the period was 98.1%.