The Hanover Insurance Group Inc - Company Profile
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Business Description
The Hanover Insurance Group Inc (THG) is an insurance holding group, offers property and casualty insurance products and services through independent agents and brokers in the US. The company is licensed to sell property and casualty insurance in all 50 states in the US and in the District of Columbia. As of December 31, 2022, it reported combined ratio of 99.8%.
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Business Segments
Overview
Operates into small commercial and middle market businesses. Focuses on commercial multiple peril, workers’ compensation and other (monoline general liability, commercial umbrella, ancillary professional, and monoline property), commercial automobile. Small commercial focuses on small businesses, with annual policy premiums upto US$50,000. Middle market offers coverage in real estate, technology, human services, manufacturing, retail, and others with annual policy premium of US$50,000 to US$500,000.
Performance
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Overview
Covers personal automobile, homeowners and other personal coverages, such as umbrella.
Performance
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Overview
Focuses on small to mid-sized businesses. Offers professional and executive lines, specialty property and casualty (Specialty P&C), marine, and surety and other. Professional and executive lines provide protection for directors, officers, and other employees of companies who may be sued in connection with their performance, as well as errors and omissions protection for companies and individuals against negligence or bad faith, as well as protection for employment practises liability. Specialty Property & Casualty covers Hanover Programs business that offers coverage to markets where there are specialty underwriting or risk management needs related to groups of similar businesses. Hanover Specialty Industrial business property covers insurance to small and medium-sized chemical, paint, solvent and other manufacturing and distribution companies, and fire and allied lines coverages. Excess & Surplus business covers non-admitted general liability and property coverage to risks. Specialty General Liability covers higher hazard liability risks. Marine offers jewelers block, fine art and other valuables, inland and ocean marine, and insures businesses against physical losses to property, including builders’ risk, contractor’s equipment, and goods in transit. Surety and Other covers commercial surety coverage related to fiduciary or regulatory obligations, construction and other firms, sole proprietors in the event of claims for nonperformance or non-payment.
Performance
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Overview
Operates through Opus Investment Management Inc. Offers investment management services to pension funds, institutions, and other organizations; run-off direct asbestos and environmental businesses; holding company and other expenses, such as costs associated with retirement benefits due to former life insurance employees and agents; and earnings on holding company assets; run-off voluntary assumed property and casualty pools.
Performance
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