Fitch upgrades Hanover

Fitch Ratings said it upgraded to A from A- the insurer financial strength rating of the Hanover Insurance Co., the principal operating subsidiary of the Hanover Insurance Group Inc.

Fitch also said it upgraded Hanover Insurance Group’s issuer default rating to BBB+ from BBB and the rating on its senior unsecured notes to BBB from BBB-.

The outlook is stable.

The upgrades reflect the company’s continued record of profitability expansion that began in 2013 due to improved pricing and business mix changes in the United States, the agency said, as well as the growing contribution from Chaucer Holdings plc.

The ratings also consider its adequate capitalization, Fitch said, and a belief that its internal capital formation is likely to continue to marginally improve as the recent operating performance trend is sustainable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.