Allmerica Financial Corp. changing name to Hanover Insurance Group.Seeking to solidify the company's new identity as a property/casualty insurer, Allmerica Financial Corp. is changing its name to Hanover Insurance Hanover Insurance (formerly NASDAQ: HINS) based in Worcester, Massachusetts is one of the oldest continuous businesses in the United States, still operating within its original industry. Group Inc., effective Dec. 1. Under its new name, Allmerica will also change its stock ticker Stock ticker A letter designation assigned to securities and mutual funds that trade on US financial exchanges. symbol to "THG THG Tom's Hardware Guide THG Tetrahydrogestrinone THG Third Harmonic Generation (laser physics) THG The Humble Guys (hacker group) THG The Holmes Group ." "Over the past two years, we have created a very distinct, super-regional property and casualty company," Frederick Eppinger, Allmerica's president and chief executive officer, said in a statement. "With that foundation now firmly in place, it is time to reintroduce our company to our agents and customers, reinforcing out commitments to them and building a brand that reflects out strength and experience." Allmerica's "final, key step in redefining (the) company as a property casualty company" was the sale of its run-off variable life insurance and variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. business, Eppinger said during the company's third-quarter earnings conference call. The life sale was expected be completed in November. Allmerica agreed to sell its life and annuities business to Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Group Inc. in a $385 million transaction. The transaction's proceeds will be about $340 million, according to the company's latest projections. The company had a $474.6 million net loss in the third quarter from the sale, which negatively impacted earnings. Allmerica posted a third-quarter net loss of $526.4 million, compared with net income of $17.7 million for the same period last year. However, excluding catastrophe losses, Allmerica's property/casualty segment had third quarter income of $117.8 million, compared with $98.4 million a year earlier. Allmerica is a holding company for a group of insurance companies, including Worcester, Mass.-based Hanover Insurance Co.--the oldest and largest company in the group and the source of the new name. Hanover was founded in 1852. The company said it also would adopt a new corporate logo and slogan--the company name in type with a stylized styl·ize tr.v. styl·ized, styl·iz·ing, styl·iz·es 1. To restrict or make conform to a particular style. 2. To represent conventionally; conventionalize. eagle and "Our policy is performance." Before the Dec. 1 switchover switch·o·ver n. A complete shift, as from one system to another. , Allmerica will begin a rebranding campaign to reinforce the new name and logo. Allmerica Financial Property & Casualty Cos. Combined ratio, 2000-200 2000 102.0 2001 110.1 2002 103.2 2003 104.0 2004 101.0 Source: Best's Executive Summary Report Note: table made from line graph. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion