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James Kelley named President of Hanover Specialty Industrial Property
17th April 2020
The Hanover Insurance Group has named James Kelley as President of Hanover Specialty Industrial Property, replacing James Abraham, who is retiring from the firm in April. In his new role, Kelley will take responsibility for enhancing the company's board portfolio of insurance solutions for complex high hazard industrial business. Most recently, Kelley ... Read the full article
The Hanover appoints Dennis Kerrigan as exec VP, general counsel
6th April 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has appointed Dennis Kerrigan as executive vice president and general counsel. Kerrigan’s appointment will see him oversee The Hanover's legal, regulatory and government affairs, as well as compliance, state filings, securities, and corporate governance matters. He brings decades of corporate counsel, insurance and ... Read the full article
Genstar, industry execs launch fronting insurance holding firm
30th March 2020
Private equity firm Genstar Capital has partnered with insurance industry executives to establish Obsidian Insurance Holdings, Inc., a new fronting insurance holding company with $100 million of capital. Obsidian's insurance carrier subsidiary, Obsidian Insurance Company, has received a financial strength rating of A- from AM Best to issue policies underwritten by ... Read the full article
The Hanover appoints Sarah Medina president of professional liability
2nd March 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has appointed Sarah Medina president of professional liability. Medina will work closely with The Hanover’s specialty leadership to help enhance the company’s portfolio of professional liability products. She brings more than 20 years’ experience to the role and has been with The Hanover ... Read the full article
The Hanover names Cynthia Egan vice chair amid board reshuffle
28th February 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has named Cynthia Egan vice chair of its board of directors. Egan has served The Hanover’s board since 2015 and has been elected to eventually succeed Kevin Condron, who is due to retire in 2021. She was president of retirement plan services for ... Read the full article
The Hanover’s combined ratio improves in Q4 and full year 2019
5th February 2020
The Hanover Insurance Group, Inc. has reported a decline in net income for the fourth-quarter of 2019 to $109.8 million, while its combined ratio strengthened slightly to 96.2% in Q4 2019, when compared with the prior year quarter. The Hanover's net income fell from the $123.6 million recorded in the fourth-quarter ... Read the full article
The Hanover’s Q4 non-cat property losses above expectations
16th January 2020
The Hanover Insurance Group, Inc. has revealed that it expects its fourth-quarter 2019 non-catastrophe property losses to exceed expectations by roughly $20 million, pre-tax. The holding company states that the losses were mainly driven by non-catastrophe weather activity in homeowners, and also large property losses in commercial multiple peril and certain ... Read the full article
The Hanover appoints duo to commercial leadership roles
3rd January 2020
Massachusetts-based property and casualty insurer The Hanover Insurance Group has announced the appointments of Matthew Mitchell and Scott Grieco to leadership positions within its commercial lines business. Effective January 1, Mitchell will become President of The Hanover’s middle market business, reporting to Michael R. Keane, President of Commercial Lines. Mitchell previously served ... Read the full article
The Hanover announces $250mn buyback & dividend, using Chaucer proceeds
6th December 2019
The Hanover Insurance Group has entered into an accelerated share repurchase (ASR) to buy back $150 million of its common stock, in addition to declaring a $100 million special dividend. The announcement completes the deployment of the $850 million of capital that the company generated through the sale of Chaucer, ... Read the full article
Lower cat losses help The Hanover maintain earnings growth in Q3
31st October 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group has reported an 18.4% increase in net income during the third quarter of 2019, helped by lower catastrophe losses. The company posted net income of $118.9 million in Q3 2019, compared with $100.4 million for the same period last year. Catastrophe losses came ... Read the full article
The Hanover appoints Lowsley Exec VP, chief human resources officer
24th October 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group has appointed Denise Lowsley executive vice president and chief human resources officer. Working closely with executive leadership, Lowsley will help implement the firm’s ‘human capital strategy’. She brings over 20 years’ experience in the property and casualty space and joins from The Navigators ... Read the full article
Divestiture of Chaucer makes The Hanover a desirable M&A target: JMP
29th August 2019
Analysts have said that following the successful takeover of its Chaucer business by China Re, domestic-focused insurer The Hanover Insurance Group is a desirable merger and acquisition (M&A) target longer term. Now that the Chaucer divestiture is complete, the core of the domestic franchise of The Hanover is a small/middle market ... Read the full article
The Hanover’s outlook revised to stable on improved underwriting by S&P
20th August 2019
S&P Global Ratings has revised its outlook for The Hanover Insurance Group Inc. (THG) from negative to stable, citing a sustainable underwriting improvement in the company’s U.S commercial business. The rating agency also affirmed its ‘A’ issuer credit and financial strength ratings for THG and its core operating subsidiaries. S&P believes that ... Read the full article
Ping An growth helps China overtake as most valuable insurance market: Brand Finance
17th May 2019
China has overtaken the U.S as the largest global insurance market in terms of brand value, according to valuation consultancy Brand Finance, in part due to the continued growth of Chinese insurance giant Ping An. Ping An, which outpaced Allianz to become the world’s most valuable insurance brand in 2017, grew ... Read the full article
The Hanover enhances growth focus with expanded specialty leadership team
1st March 2019
The Hanover Insurance Group has announced the expansion of its specialty leadership team in an effort to enhance its focus on growth opportunities while at the same time drive greater value with the firm's independent insurance agent partners. The expansion includes a number of appointments, notably the naming of Steven Mills ... Read the full article