CHAUCER AND US BUSINESS LIFTS HANOVER’S RESULTS

Massachusetts-based p/c holding Hanover Insurance Group saw second-quarter net income rise 55% to $82.6m as its combined ratio improved by 1.6 points to 96.8%, driven by what president and chief executive Frederick and continued strong results at Chaucer”. Earned premiums for the period grew 7.7% to $1.17bn, while incurred losses rose 4.8% to $725.5m. Pre-tax operating income in the group’s commercial lines segment jumped 69% to $44.2m as its combined ratio improved by 3.4 points to 101.8%. Operating income in personal lines rose 14.1% to $22.7m as the combined ratio fell a full point to 98.3%. The Chaucer operation at Lloyd’s saw operating income grow 3.3% to $38.1m, with the combined ratio rising to 92.1% from 89.6%. For the first half of the year, Hanover’s net income rose 14.7% to $137.2m on earned premiums of $2.34bn, up 7%, and incurred losses of $1.48bn, up 7.3%. The combined ratio for the six months rose two-tenths of a point to 97.5%.