WORCESTER, Mass., Jan. 30, 2015 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) announced today that Standard & Poor's raised its long-term counterparty credit rating on the company and financial strength ratings on its insurance operating subsidiaries to "A" from "A-" as well as raised The Hanover's senior debt rating to 'BBB' from 'BBB-'. The outlook is stable.
In a news release announcing its decision to upgrade The Hanover's ratings, Standard & Poor's stated, "The ratings reflect our view of the group's strong business risk profile and strong financial risk profile, built on its strong competitive position and very strong capital and earnings."
The rating agency also noted it views "the company's strong operating performance as sustainable and management's efforts to diversify the company's geographic footprint and product offering as successful in mitigating exposure to large natural catastrophe events."
"We are very pleased with Standard & Poor's assessment and decision to upgrade our company's financial strength rating to 'A,'" said Frederick H. Eppinger, president and chief executive officer of The Hanover. "This upgrade affirms the financial, operating, and competitive strength of our company.
"We have made unprecedented investments in our company in recent years, strengthening our financial foundation, diversifying our book of business, and building product and service capabilities that help our independent agent and broker partners," Eppinger said. "Today, we are positioned as the best partner for winning independent agents and brokers, helping them to meet their clients' growing insurance needs and profitably grow their businesses, as we grow ours."
ABOUT THE HANOVER
The Hanover Insurance Group, Inc., based in Worcester, Mass. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. For more than 160 years, The Hanover has provided a wide range of property and casualty products and services to businesses, individuals, and families. The Hanover distributes its products through a select group of independent agents and brokers. Together with its agents, the company offers specialized coverages for small and mid-sized businesses, as well as insurance protection for homes, automobiles, and other personal items. Through its international member company, Chaucer, The Hanover also underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including marine, property and energy. For more information, please visit hanover.com.
SOURCE The Hanover Insurance Group, Inc.