Hanover's $174.1mn reserve move drives earnings miss

The Hanover reported a $19.7mn operating loss for the fourth
quarter, or $0.46 a share, missing the consensus earnings view of
analysts as an unfavourable prior-year reserve adjustment drained
$174.1mn from the period's pre-tax profit.
Wall Street analysts had looked for operating earnings of $1.13
a share, according to a MarketWatch.com compilation of six
estimates.
The insurer said the reserve development added 12.3 points to
its fourth-quarter combined ratio, pushing it to 107.7 percent
compa