The Hanover Insurance Group announced that Standard and Poor has raised its long-term counterparty credit rating and financial strength ratings from an “A-” to “A” as well as raising the insurer’s senior debt rating from “BBB-” to “BBB.” In commenting on the upgrade, Standard and Poor noted that, “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.”
S&P also noted that the Worcester-based insurer’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” were factors in the decision to upgrade the rating as well.
In response, the Hanover’s President and CEO, Frederick H. Eppinger says the rating upgrade reflects all the hard work the company has been doing.
“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.”