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The Hanover Insurance Group THG Michigan Catastrophic Claims Association — Reinsurance Recoverables

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Other financials

Income statement

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Revenue$1.7B+6.1%
Operating income$250.2M+34.2%
Net income$186.8M+45.7%
EPS (diluted)$5.20+48.6%

Balance sheet

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Cash & equivalents$243.5M-22.7%
Total debt$843.8M+7.6%
Total equity$3.6B+17.3%
Total assets$16.5B+6.8%

Cash flow

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Operating cash flow$118.8M+205%
CapEx$3.5M+94.4%
Free cash flow$115.3M+211%

Valuation

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Market cap$6.92B-2.7%
Enterprise value$7.53B-0.6%
P/E9.6×-6.6×
P/S-0.1×

Profitability

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Operating margin13.4%
Net margin10.8%+3.8pp
FCF margin18.7%+6.3pp

Returns & leverage

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Return on equity21.8%+6.0pp
Debt / equity0.2×0.0×

Where this comes from

Reported directly by The Hanover Insurance Group in its filing.

Tagged under the XBRL concept us-gaap:ReinsuranceRecoverables.

The official record: The Hanover Insurance Group’s 10-K, filed February 20, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is The Hanover Insurance Group's michigan catastrophic claims association — reinsurance recoverables?
The Hanover Insurance Group (THG) reported michigan catastrophic claims association — reinsurance recoverables of $829.2M in Q4 2025.
How has The Hanover Insurance Group's michigan catastrophic claims association — reinsurance recoverables changed year-over-year?
The Hanover Insurance Group's michigan catastrophic claims association — reinsurance recoverables decreased by 4.7% year-over-year, from $870.4M to $829.2M.
What does michigan catastrophic claims association — reinsurance recoverables mean?
This metric represents the total amount of claims and benefits that the company expects to recover from reinsurers under the Michigan Catastrophic Claims Association framework. It functions as an asset on the balance sheet, reflecting the credit risk and collectability of reinsurance contracts. Investors use this to assess the company's reliance on reinsurance partners to settle large-scale claims.