The Hanover Insurance Group, Inc. Announces $150 Million Accelerated Share Repurchase Program

WORCESTER, Mass., June 27, 2019 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) announced today that it has entered into a $150 million accelerated share repurchase ("ASR") agreement with Scotiabank following the completion of a $250 million ASR agreement announced at the end of 2018.

Pursuant to the new ASR agreement, the company expects to receive 80%, or approximately 950,000, of the shares to be delivered as of the initial settlement date of June 28, 2019. The remaining shares are expected to be delivered at the conclusion of the ASR buyback period, which will be no later than October 31, 2019.

"We continue to execute on our capital deployment program following the sale of Chaucer last December," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "The new ASR agreement reinforces our commitment to the diligent execution of an effective capital deployment plan. With our shareholders' best long-term interests in mind, we will continue to apply our existing capital management framework, allocating the remaining deployable equity among business investments, share repurchases and other capital return options."

At the completion of the new ASR agreement, the company will have a remaining capacity of approximately $200 million under the existing $600 million share repurchase authorization.

Forward-Looking Statements

Certain statements in this press release constitute or may constitute forward-looking statements for purposes of the safe harbor provisions of the United States Securities Litigation Reform Act of 1995. The company cautions investors that such forward-looking statements are estimates, projections and assumptions that involve significant judgement and that neither historical results and trends nor forward-looking statements are guarantees or necessarily indicative of future performance. Actual results may differ materially.

In particular, "forward-looking statements" include statements regarding the use of the remaining deployable equity. Investors are further cautioned to consider the risks and uncertainties in the company's business that may affect the ability for the company to execute future capital actions and the optional deployment of proceeds, as well as to achieve its operating plans. Additional risks and uncertainties are discussed in readily available documents, such as the company's annual report on Form 10-K and other documents filed by The Hanover with the SEC and which are also available at hanover.com under "Investors."

About The Hanover

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. 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. For more information, please visit hanover.com.

SOURCE The Hanover Insurance Group, Inc.