April 1, 2010 (FinancialWire) — The Hanover Insurance Group, Inc. (NYSE: THG) said that it has initiated an accelerated share repurchase program to effect the immediate repurchase of 2,315,351 shares of the company's common stock at a price per share of around $43.19, for a total purchase price of around $100.9 million.

Upon completion of an ASR Agreement with Barclay’s (NYSE: BSC), 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 period of up to five months as stated in the ASR Agreement.

The company has repurchased the shares under a share repurchase program previously authorized by the company's board of directors, allowing for the repurchase of up to $400 million of the company's outstanding common stock.

As of March 31, 2010 and after the execution of the ASR Agreement, the company has utilized a total of around $335 million of the $400 million authorization.

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

The company offers a range of property and casualty products and services to individuals, families and businesses through a network of independent agents.

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