Hanover Insurance Group (THG) Completes Sale of Remaining Run-Off Life Insurance Business
The Hanover Insurance Group, Inc. (NYSE: THG) has completed the previously announced sale of its remaining run-off life insurance business, First Allmerica Financial Life Insurance Company (FAFLIC), to Commonwealth Annuity and Life Insurance Company, a Goldman Sachs company.
The company previously reported a net after-tax loss on the sale of FAFLIC of approximately $72 million through September 30, 2008. The final purchase price, proceeds from the sale and the net after-tax loss are subject to adjustment as of December 31, 2008. The company currently estimates that an additional loss of approximately $8 million will be recorded in the quarter ended December 31, 2008, principally resulting from investment-related purchase price adjustments. The company will provide details of the adjusted transaction effects when it issues its fourth quarter results.
The Hanover Insurance Group, Inc., through its subsidiaries, underwrites personal and commercial property and casualty insurance coverage in the United States. [SM]
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