WORCESTER, Mass., Oct. 29 /PRNewswire-FirstCall/ -- The Hanover Insurance
Group, Inc. (NYSE: THG) announced today that its board of directors has
authorized the company to repurchase up to $100 million of its common stock.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051031/NEM023LOGO )
Under the new authorization, the company may repurchase up to $100 million
of its common stock from time to time, in amounts, at prices and at such times
as the company deems appropriate, subject to market conditions and other
considerations. The repurchase authorization does not require the company to
purchase any specific number of shares or to make purchases by a certain date.
Additionally, the company expects to establish 10b5-1 trading plans which
will allow it flexibility in the repurchase of its shares.
"The recent decision to increase our annual dividend and this share
repurchase authorization reflect our confidence in the company's financial
condition and also recognize the long-term potential of the company for future
profitable growth," said Frederick H. Eppinger, chief executive officer of The
Hanover Insurance Group. "At the same time, these actions are consistent with
our goal of delivering shareholder value."
Forward-Looking Statements and Non-GAAP Financial Measures
This news release and the previously announced conference call scheduled
for Tuesday, October 30th at 10:00 a.m. Eastern Time, contains or may include
statements about the company that are not statements of historical fact,
including the following: statements regarding the sufficiency of future
earnings and cash flows to satisfy the company's future plans for capital
investments and maintaining its balance sheet; statements regarding the
company's commitment to enhance shareholder value and potential for future
profitable growth; dividends payable to the company's shareholders, which may
be subject to future increases or decreases; and the repurchase by the company
of shares of its common stock from shareholders, including the timing and the
duration of prospective share purchases and the amount of capital that may be
expended for such share repurchases, which may be subject to change in the
future. These statements are, or will be, forward-looking statements as
defined by the Securities Act of 1933 and the Securities Exchange Act of 1934.
Forward-looking statements also include, without limitation, expectations,
projections, estimates, and similar statements regarding economic conditions
and the company and its operations, financial performance, customer demand,
and other similar expressions concerning matters that are not historical
facts.
The Company cautions investors that any such forward-looking statements
are not guarantees of future performance, and actual results could differ
materially. Investors are directed to consider the risks and uncertainties in
its business that may affect future performance and that are discussed in
readily available documents, including the Company's annual report and other
documents filed by The Hanover with the Securities and Exchange Commission and
which are also available at www.hanover.com under "Investors".
About The Hanover
The Hanover Insurance Group, Inc. (NYSE: THG), based in Worcester, Mass.,
is the holding company for a group of insurers that includes The Hanover
Insurance Company, also based in Worcester; Citizens Insurance Company of
America, headquartered in Howell, Mich., and their affiliates. The Hanover
offers a wide range of property and casualty products and services to
individuals, families and businesses through an extensive network of
independent agents, and has been meeting its obligations to its agent partners
and their customers for more than 150 years. Taken as a group, The Hanover
ranks among the top 40 property and casualty insurers in the United States.
For more information, please visit www.hanover.com.
CONTACTS:
Investors:
Sujata Mutalik
(508) 855-3457
smutalik@hanover.com
Media:
Michael F. Buckley
(508) 855-3099
mibuckley@hanover.comSOURCE The Hanover Insurance Group, Inc.
Contact: Investors, Sujata Mutalik, +1-508-855-3457, smutalik@hanover.com, or Media, Michael F. Buckley, +1-508-855-3099, mibuckley@hanover.com, both of The Hanover Insurance Group, Inc.