Intrinsic value of Hanover Insurance Group - THG

Previous Close

$123.72

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$123.72

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as THG.

We calculate the intrinsic value of THG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  5,433
  5,695
  5,970
  6,260
  6,565
  6,885
  7,222
  7,576
  7,949
  8,340
  8,751
  9,183
  9,637
  10,114
  10,615
  11,142
  11,695
  12,275
  12,886
  13,526
  14,199
  14,906
  15,649
  16,428
  17,247
  18,107
  19,010
  19,958
  20,954
  22,000
Variable operating expenses, $m
  5,062
  5,304
  5,559
  5,827
  6,109
  6,406
  6,718
  7,045
  7,390
  7,752
  8,098
  8,498
  8,918
  9,359
  9,823
  10,310
  10,822
  11,359
  11,924
  12,517
  13,139
  13,793
  14,480
  15,202
  15,959
  16,755
  17,591
  18,468
  19,390
  20,357
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,062
  5,304
  5,559
  5,827
  6,109
  6,406
  6,718
  7,045
  7,390
  7,752
  8,098
  8,498
  8,918
  9,359
  9,823
  10,310
  10,822
  11,359
  11,924
  12,517
  13,139
  13,793
  14,480
  15,202
  15,959
  16,755
  17,591
  18,468
  19,390
  20,357
Operating income, $m
  371
  391
  411
  433
  456
  480
  505
  531
  559
  588
  653
  686
  719
  755
  792
  832
  873
  916
  962
  1,010
  1,060
  1,113
  1,168
  1,226
  1,288
  1,352
  1,419
  1,490
  1,564
  1,642
EBITDA, $m
  1,993
  2,089
  2,190
  2,296
  2,408
  2,525
  2,649
  2,779
  2,915
  3,059
  3,210
  3,368
  3,535
  3,709
  3,893
  4,086
  4,289
  4,502
  4,726
  4,961
  5,208
  5,467
  5,739
  6,025
  6,325
  6,641
  6,972
  7,320
  7,685
  8,069
Interest expense (income), $m
  53
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
  488
Earnings before tax, $m
  -117
  -98
  -77
  -55
  -33
  -9
  16
  43
  71
  100
  165
  197
  231
  267
  304
  344
  385
  428
  474
  522
  572
  625
  680
  738
  799
  864
  931
  1,002
  1,076
  1,154
Tax expense, $m
  0
  0
  0
  0
  0
  0
  4
  12
  19
  27
  45
  53
  62
  72
  82
  93
  104
  116
  128
  141
  154
  169
  184
  199
  216
  233
  251
  270
  291
  312
Net income, $m
  -117
  -98
  -77
  -55
  -33
  -9
  12
  31
  52
  73
  121
  144
  169
  195
  222
  251
  281
  313
  346
  381
  417
  456
  496
  539
  584
  630
  680
  731
  786
  843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  15,869
  16,634
  17,439
  18,285
  19,176
  20,112
  21,096
  22,131
  23,218
  24,361
  25,562
  26,824
  28,150
  29,544
  31,007
  32,545
  34,160
  35,857
  37,639
  39,510
  41,476
  43,541
  45,710
  47,987
  50,379
  52,890
  55,528
  58,298
  61,207
  64,261
Working capital, $m
  -12,870
  -13,491
  -14,143
  -14,830
  -15,552
  -16,311
  -17,109
  -17,949
  -18,831
  -19,757
  -20,732
  -21,755
  -22,831
  -23,961
  -25,148
  -26,395
  -27,705
  -29,081
  -30,526
  -32,044
  -33,638
  -35,313
  -37,072
  -38,919
  -40,858
  -42,895
  -45,035
  -47,281
  -49,640
  -52,117
Total debt, $m
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
  9,042
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -117
  -98
  -77
  -55
  -33
  -9
  12
  31
  52
  73
  121
  144
  169
  195
  222
  251
  281
  313
  346
  381
  417
  456
  496
  539
  584
  630
  680
  731
  786
  843
Depreciation, amort., depletion, $m
  1,621
  1,698
  1,778
  1,863
  1,952
  2,046
  2,144
  2,248
  2,356
  2,471
  2,556
  2,682
  2,815
  2,954
  3,101
  3,254
  3,416
  3,586
  3,764
  3,951
  4,148
  4,354
  4,571
  4,799
  5,038
  5,289
  5,553
  5,830
  6,121
  6,426
Funds from operations, $m
  1,504
  1,600
  1,701
  1,808
  1,919
  2,037
  2,156
  2,279
  2,408
  2,544
  2,677
  2,826
  2,984
  3,149
  3,323
  3,505
  3,697
  3,898
  4,110
  4,332
  4,565
  4,810
  5,067
  5,338
  5,621
  5,919
  6,232
  6,561
  6,906
  7,269
Change in working capital, $m
  -589
  -620
  -653
  -687
  -722
  -759
  -798
  -839
  -882
  -927
  -974
  -1,024
  -1,075
  -1,130
  -1,187
  -1,247
  -1,310
  -1,376
  -1,445
  -1,518
  -1,594
  -1,675
  -1,759
  -1,847
  -1,940
  -2,037
  -2,139
  -2,246
  -2,359
  -2,477
Cash from operations, $m
  2,094
  2,221
  2,354
  2,494
  2,641
  2,796
  2,954
  3,118
  3,290
  3,470
  3,651
  3,850
  4,059
  4,279
  4,510
  4,752
  5,007
  5,274
  5,555
  5,850
  6,159
  6,485
  6,826
  7,185
  7,561
  7,956
  8,372
  8,808
  9,265
  9,746
Maintenance CAPEX, $m
  -1,514
  -1,587
  -1,663
  -1,744
  -1,829
  -1,918
  -2,011
  -2,110
  -2,213
  -2,322
  -2,436
  -2,556
  -2,682
  -2,815
  -2,954
  -3,101
  -3,254
  -3,416
  -3,586
  -3,764
  -3,951
  -4,148
  -4,354
  -4,571
  -4,799
  -5,038
  -5,289
  -5,553
  -5,830
  -6,121
New CAPEX, $m
  -726
  -765
  -805
  -847
  -890
  -936
  -984
  -1,035
  -1,087
  -1,143
  -1,201
  -1,262
  -1,326
  -1,393
  -1,464
  -1,538
  -1,615
  -1,697
  -1,782
  -1,872
  -1,966
  -2,065
  -2,168
  -2,277
  -2,392
  -2,512
  -2,638
  -2,770
  -2,909
  -3,055
Cash from investing activities, $m
  -2,240
  -2,352
  -2,468
  -2,591
  -2,719
  -2,854
  -2,995
  -3,145
  -3,300
  -3,465
  -3,637
  -3,818
  -4,008
  -4,208
  -4,418
  -4,639
  -4,869
  -5,113
  -5,368
  -5,636
  -5,917
  -6,213
  -6,522
  -6,848
  -7,191
  -7,550
  -7,927
  -8,323
  -8,739
  -9,176
Free cash flow, $m
  -147
  -131
  -114
  -96
  -77
  -58
  -41
  -26
  -11
  6
  14
  32
  51
  71
  92
  114
  137
  162
  187
  214
  242
  272
  303
  336
  371
  407
  445
  485
  527
  571
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  -147
  -131
  -114
  -96
  -77
  -58
  -41
  -26
  -11
  6
  14
  32
  51
  71
  92
  114
  137
  162
  187
  214
  242
  272
  303
  336
  371
  407
  445
  485
  527
  571
Retained Cash Flow (-), $m
  -117
  -98
  -77
  -55
  -33
  -9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
Cash available for distribution, $m
  -117
  -98
  -77
  -55
  -33
  -9
  0
  0
  0
  6
  14
  32
  51
  71
  92
  114
  137
  162
  187
  214
  242
  272
  303
  336
  371
  407
  445
  485
  527
  571
Discount rate, %
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.23
  23.35
  24.51
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.49
  36.22
  38.03
  39.93
  41.93
  44.02
  46.22
  48.53
  50.96
  53.51
PV of cash for distribution, $m
  -104
  -76
  -52
  -32
  -16
  -3
  0
  0
  0
  1
  2
  3
  3
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Hanover Insurance Group, Inc. is a holding company. The Company is engaged in providing property and casualty insurance products and services. The Company has four segments: Commercial Lines, Personal Lines, Chaucer and Other. It markets its domestic products and services through independent agents and brokers in the United States, and conducts business internationally through a subsidiary, Chaucer Holdings Limited, which operates through the Society and Corporation of Lloyd's (Lloyd's). Its Commercial Lines product suite provides agents and customers with products designed for small, middle and specialized markets. Its Personal Lines coverages include other personal lines, which consist of umbrella and fire, among others. The Chaucer segment consists of international business written through Lloyd's, including marine and aviation, and property. The Other segment consists of Opus Investment Management, Inc. (Opus), which provides investment advisory services to affiliates.

FINANCIAL RATIOS  of  Hanover Insurance Group (THG)

Valuation Ratios
P/E Ratio 33.8
Price to Sales 1.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 7.3
Growth Rates
Sales Growth Rate -1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate -7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 27.5%
Total Debt to Equity 27.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 5.5%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin 5%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 22.9%
Payout Ratio 51.6%

THG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the THG stock intrinsic value calculation we used $5184 million for the last fiscal year's total revenue generated by Hanover Insurance Group. The default revenue input number comes from 2017 income statement of Hanover Insurance Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our THG stock valuation model: a) initial revenue growth rate of 4.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13%, whose default value for THG is calculated based on our internal credit rating of Hanover Insurance Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hanover Insurance Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of THG stock the variable cost ratio is equal to 93.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for THG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Hanover Insurance Group.

Corporate tax rate of 27% is the nominal tax rate for Hanover Insurance Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the THG stock is equal to 0.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for THG are equal to 292.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Hanover Insurance Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for THG is equal to -236.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Hanover Insurance Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43 million for Hanover Insurance Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hanover Insurance Group at the current share price and the inputted number of shares is $5.3 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Hanover Insurance: 1Q Earnings Snapshot   [05:07AM  Associated Press]
▶ Hanover Insurance posts 4Q profit   [Jan-31-18 05:49PM  Associated Press]
▶ Stocks Flashing Renewed Technical Strength: Hanover Insurance   [Dec-06-17 03:00AM  Investor's Business Daily]
▶ The Hanover Enhances Product Recall Coverage   [Nov-29-17 11:00AM  PR Newswire]
▶ Stocks Flashing Renewed Technical Strength: Hanover Insurance   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ Hanover Insurance posts 3Q profit   [Nov-02-17 05:50AM  Associated Press]
▶ The Hanover Expands TrustedChoice.com Partnership   [Oct-12-17 02:00PM  PR Newswire]
▶ Molina Healthcare names Hanover Insurance's Zubretsky as CEO   [Oct-11-17 02:25PM  American City Business Journals]
▶ Hanover Insurance Sees RS Rating Improve To 73   [03:00AM  Investor's Business Daily]
▶ Hanover Insurance Getting Closer To Key Technical Benchmark   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ The Hanover Underwrites National Accountants E&O Program   [Aug-07-17 01:30PM  PR Newswire]
▶ Hanover Insurance posts 2Q profit   [Aug-03-17 12:28AM  Associated Press]
▶ The Hanover Enhances Education Advantage Product Suite   [Jul-10-17 11:00AM  PR Newswire]
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