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Hanover Insurance Ups Buyback Authorization By $100 Million

December 10, 2009 (FinancialWire) — The Hanover Insurance Group, Inc.’s (NYSE: THG) board of directors has authorized a $100 million increase to the company’s existing share repurchase program.

The program initially was authorized by the board in October 2007 and increased in size in September 2009, allowing for the repurchase of up to $200 million of the company’s outstanding common stock. This most recent increase will provide for aggregate repurchases under the program of up to $300 million of the company’s common stock. As of December 7, 2009, the company had utilized approximately $108 million of this authorization.

Hanover said it has used a portion of this authorization to effect the immediate repurchase of 2,418,000 shares of the company’s common stock at a price per share of approximately $41.34, subject to adjustment, pursuant to an accelerated share repurchase agreement, dated December 8, 2009, with Barclays Bank PLC acting through its agent Barclays Capital, Inc., for a total purchase price of approximately $100.6 million.

Upon completion of the ASR Agreement, which is expected to be no later than July 2, 2010, the company will receive or be required to remit a purchase price adjustment, payable, at the company’s option, in stock or cash, based on a volume-weighted average price for common stock during a three- to five-month period as stated in the ASR Agreement.

After the execution of the ASR Agreement, the company has utilized a total of approximately $209 million of the $300 million authorization.

Massachusetts-based Hanover Insurance Group is the holding company for a group of insurers that includes The Hanover Insurance company, Citizens Insurance company of America, and their affiliates.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service ( Recently issued reports and/or recorded webcasts include Aria International Holdings, Inc. (OTCBB: ARAH), Continental Materials Corp. (AMEX: CUO), Darling International, Inc. (NYSE: DAR), Document Security Systems, Inc. (AMEX: DMC), and Juhl Wind, Inc. (OTCBB: JUHL).

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