The Hanover Insurance Group has elected Francisco A. Aristeguieta to its board of directors.
Aristeguieta currently serves as a special adviser for State Street Corporation, having stepped down recently as executive vice president. Aristeguieta served in various executive positions since joining State Street in 2019, including chief executive officer of State Street Institutional Services and executive vice president and chief executive officer of State Street International.
Cynthia L. Egan, chair of the board of directors at The Hanover, said: “Francisco is a highly accomplished operating executive who will bring excellent and strong perspectives to our boardroom as we continue to support the advancement of The Hanover’s mission and strategy. We are delighted to welcome him to the board.”
Before joining State Street, Aristeguieta served in several key executive roles over 25 years at Citigroup Inc., most recently as chief executive officer of Citigroup Asia Pacific, a leading universal bank in the region across institutional and consumer retail banking and broad financial services.
During his time at Citigroup, Aristeguieta also served as chief executive officer of Citigroup Latin America, led Citigroup’s Global Transaction Services Group in Latin America and Mexico, was chief executive officer of Citigroup Colombia, and head of the organization’s Andean Region Cluster of countries, among other important roles.
More recently, the Hanover announced a rise in net income to $104.8m in the first-quarter of 2022, as a lesser impact from catastrophe events in the period helped strengthen its combined ratio to 93.4%.
Group-wide, operating income also increased from $61.4m in Q1 2021 to $117.7m in Q1 2022.