The Hanover Insurance Group, is one of the oldest continuous insurance businesses in the United States, still operating within its original industry. It was the original name of a property-liability insurance firm born in 1852, and it remained a publicly-traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.
In late 1995, the company spun off Allmerica Financial Corporation, with US$200 million long-term debt assigned to that company, as a new property and causalty insurance and financial services holding company. In 1994, Allmerica Financial Corporation had pro forma earnings of almost US$75 million before extraordinary charges, and then over US$140 million in 1995.
It held a diversified group of insurance and financial services companies with total assets of $19 billion. Allmerica Financial products included insurance and retirement savings accounts and group benefit programs, mostly variable annuity and variable life products. That company in turn owned about a majority 60% of the original entity, Allmerica Properties & Casualty Companies.
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