Hanover Insurance To Cut 160 Positions

Aug. 03--Hanover Insurance Group Inc. will lay off about 3 percent of its workforce -- 160 positions -- the Worcester-based company announced this week.

Of the positions, about 80 will be cut in Central Massachusetts.

The property and casualty insurer announced cuts amid reporting of surged profits in the second quarter of 2017. The company reported net income of $78.4 million in the three month period ending June 30 as compared to $2 million the quarter before, after paying off a $56 million charge.

Cuts to personnel and other company changes are expected to save Hanover $30 million.

"These actions are expected to accelerate the company's strategic expense leverage initiative and to provide opportunity to make strategic business investments," the company said in a statement.

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