S&P affirms Hanover Insurance

Standard & Poor's said it affirmed the BB+ counterparty credit and senior unsecured debt ratings and B+ preferred stock rating assigned to The Hanover Insurance Group Inc.

The agency said that the BBB+ counterparty credit and financial strength ratings on Hanover Insurance Co., Citizens Insurance Co. of America and other rated property/casualty (P/C) affiliates were also affirmed.

The outlook remains positive.

The ratings affirmation follows Hanover Insurance's announcement that it will acquire Professionals Direct Inc. for $23.2 million, the agency said, noting that the affirmation of the ratings reflects the very modest size of PFLD relative to Hanover.

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