The Worcester-based Hanover Insurance Group Inc. has estimated the company will lose between $120 and $140 million, or $2.65 to $3.09 per share, after "complex" claims are sorted out.

The majority of losses from Sandy resulted from widespread damage to commercial and personal properties, according to a company statement. 

The actual amount of losses from the storm could differ substantially from current estimates given the complexity of the claims process and the nature of the damage, according to the statement. 

"While this storm impacted a major market for us, our initial review and analysis of losses, relative to the level of our market presence demonstrated that the diversification strategy and exposure management efforts we’ve implemented over the last several years have been effective," said Frederick Eppinger, CEO, in the statement.