-

AM Best Assigns Issue Credit Rating to The Hanover Insurance Group, Inc.’s Recently Announced Senior Unsecured Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the new $300 million 2.5% 10-year senior unsecured notes offering, to be issued by The Hanover Insurance Group, Inc. (THG) (headquartered in Worcester, MA) [NYSE: THG]. The outlook assigned to this Credit Rating (rating) is stable.

Proceeds from the sale of the senior unsecured notes will be used to repurchase, redeem, repay or otherwise retire the $175 million outstanding aggregate principal balance of THG’s 6.35% subordinated deferrable debentures due March 30, 2053. Any remaining net proceeds will be used for general corporate purposes. THG maintains financial leverage and coverage measures that are well within AM Best’s guidelines for this rating and are expected to remain so following the new debt issuance. The existing ratings of THG and its subsidiaries are unchanged.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Michael T. Venezia
Senior Financial Analyst
+1 908 439 2200, ext. 5034
michael.venezia@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Industry:

AM Best

NYSE:THG
Release Versions
English

Contacts

Michael T. Venezia
Senior Financial Analyst
+1 908 439 2200, ext. 5034
michael.venezia@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

More News From AM Best

Best’s Commentary: AM Best Comments on Impact of Civil Unrest on France’s Insurers

AMSTERDAM--(BUSINESS WIRE)--The recent civil unrest witnessed across France has highlighted the need for Strikes, Riots and Civil Commotion (SRCC) coverage to close the insurance gap from these kinds of events, according to a new AM Best commentary. Historically, insurers have included SRCC coverage as a standard part of a commercial policy, but as political unrest, riots and civil unrest have become more frequent and expensive, insurers have been treating these risks as unique and giving it se...

AM Best Affirms Credit Ratings of Redbridge Insurance Company Limited and Redbridge Insurance Company

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados) and Redbridge Insurance Company (RIC) (Puerto Rico). The outlook of the FSR is stable while the outlooks for the Long-Term ICRs remain positive. The affirmation for the Credit Ratings (ratings) of RIC reflects its reinsurance agreement with RICL. These ratin...

AM Best Affirms Credit Ratings of The Hand-in-Hand Mutual Fire Insurance Company Limited and Hand-in-Hand Mutual Life Assurance Company Limited

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of The Hand-in-Hand Mutual Fire Insurance Company Limited (HIHF) (Guyana). The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Hand-in-Hand Mutual Life Assurance Company Limited (HIHL) (Guyana). T...
Back to Newsroom