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News and Information Article
WORCESTER, Mass., Dec. 28 /-FirstCall/ -- The Hanover Insurance
Group, Inc. (NYSE: THG) announced that the companys Board of Directors has
authorized the previously announced share repurchase program of up to $200
million funded from the proceeds of, and contingent on the closing of, the
previously announced sale of its life insurance subsidiary, Allmerica
Financial Life Insurance and Annuity Company ("AFLIAC") to The Goldman Sachs
Group, Inc. The sale of AFLIAC is expected to occur on December 30, 2005. The
related and previously announced AIT fund reorganization and sale of the AIT
funds investment advisory company are expected to occur on January 6, 2006.
The share repurchase program is currently expected to be substantially
completed in the first half of 2006.
Forward-Looking Statements
Certain statements in this release, including statements estimating the
expected closing dates for the transactions and the expected completion date
for the share repurchase program, are forward-looking statements, as that term
is defined in the Private Securities Litigation Reform Act of 1995. There are
certain factors that could cause actual results, including the completion of
the repurchase program, to differ materially from those anticipated by this
press release. These include: (1) the successful consummation of the
transaction with Goldman Sachs in a timely manner; (2) the various conditions
to the consummation of such transactions being satisfied or waived without the
imposition of material burdens or expenses; and (3) the uncertainties of the
successful and timely execution of the repurchase program and the continuation
thereof in the event of unanticipated events, market conditions or other
opportunities or needs for the deployment of capital.
Forward-looking statements are not guarantees of future performance, and
actual results could well differ materially. Investors should consider these
and other risks and uncertainties in our business that may affect future
performance (including Life Companies operations) and that are discussed in
readily available documents, including The Hanovers (formerly Allmericas)
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, periodic reports
on Form 8-K and other documents filed by The Hanover Insurance Group, Inc.
(formerly named "Allmerica Financial Corporation") with the Securities and
Exchange Commission and which are also available at http://www.hanover.com
under "Investors".
The Hanover Insurance Group, Inc., formerly know as Allmerica Financial
Corporation, is the holding company for a group of insurance companies
headquartered in Worcester, Massachusetts.
Contact Information
Investors: Media:
Sujata Mutalik Michael F. Buckley
E-mail: smutalik@hanover.com E-mail: mibuckley@hanover.com
Phone: 1-508-855-3457 Phone: 1-508-855-3099
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