Hanover Insurance hikes dividend by 8.3% and pays special dividend
The Hanover Insurance Group, Inc. (THG) will pay a special cash dividend of $2.50 per share in the fourth quarter of 2019. Also the insurance holding company will hike its regular dividend by 8.3 percent to 83 cents quarterly per share.
Both the regular quarterly dividend of $0.65 per share and the special cash dividend of $2.50 per share on the issued and outstanding stock of the company will be payable on December 27, 2019, to shareholders of record at the close of business on December 16, 2019.
"We are pleased with the execution of the capital deployment and return of the remaining $250 million in capital to shareholders from the sale of Chaucer," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "It is a testament to our diligent capital allocation and management framework, and it reinforces our commitment to deliver value for our shareholders. In addition, the 8.3% increase in our regular quarterly dividend highlights our board's confidence in our overall financial condition and our increasing earnings capacity. We will continue to allocate our capital with the best interest of our shareholders in mind."
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies in the United States. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. Hanover Insurance has been paying consecutive quarterly dividends since 2005. The Hanover Fire Insurance Company was founded in 1852.
Both the regular quarterly dividend of $0.65 per share and the special cash dividend of $2.50 per share on the issued and outstanding stock of the company will be payable on December 27, 2019, to shareholders of record at the close of business on December 16, 2019.
"We are pleased with the execution of the capital deployment and return of the remaining $250 million in capital to shareholders from the sale of Chaucer," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "It is a testament to our diligent capital allocation and management framework, and it reinforces our commitment to deliver value for our shareholders. In addition, the 8.3% increase in our regular quarterly dividend highlights our board's confidence in our overall financial condition and our increasing earnings capacity. We will continue to allocate our capital with the best interest of our shareholders in mind."
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies in the United States. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. Hanover Insurance has been paying consecutive quarterly dividends since 2005. The Hanover Fire Insurance Company was founded in 1852.
