Hanover Insurance Reports Q3 Net Loss

The Hanover Insurance Group has reported a net loss of $61.8 million, or $1.21 per share, for the third quarter of 2008, compared to net income of $53.9 million, or $1.03 per share, in the prior-year quarter.

The group reported that the net loss for the quarter included net realized investment losses of $52.8 million, or $1.04 per share, as compared to $0.8 million loss in the prior-year quarter.

Net investment income from continuing operations increased by $2.7 million to $65.5 million for the third quarter of 2008, compared to $62.8 million in the third quarter of 2007. The company said that this increase was primarily the result of an inter-company transfer of assets effective January 1, 2008.

For the quarter, net premiums written were $651.6 million, 4.8% higher than $621.8 million in the prior-year quarter.