The Hanover Insurance Group has a new president in charge of personal lines coverage. He’s a veteran executive of the Massachusetts-based U.S. property/casualty insurer who initially came on board a decade ago.
Specifically, Richard Lavey will be filling the slot, with responsibilities including homeowners, automobile and related insurance coverage for individuals and families.
At the same time, he’ll keep his previous job with the company as The Hanover’s chief marketing officer.
Lavey first joined The Hanover in 2004 and has served in additional positions including president, field operations, and head of The Hanover’s northeast region. Lavey also has strategic marketing experience from previous stints at The Hartford and Travelers.
In October, Fitch Ratings reaffirmed The Hanover’s A-Insurer Financial Strength Rating, its BBB Issuer Default Rating and a BBB-rating for its senior unsecured notes.
At the time, Fitch said the actions “reflect adequate capitalization” of Hanover’s U.S. operating subsidiaries, plus its belief that “internal capital formation is likely to continue to marginally improve.”
On Oct. 29, The Hanover reported net income of just under $55 million for the 2014 third quarter, ($1.22 per diluted share), down from $61.3 million ($1.37 per diluted share) over the same period last year. President and CEO Frederick Eppinger said in a statement at the time that higher-than-expected catastrophe losses was a big factor behind the results.
During the quarter, net premiums written surpassed $1.2 billion, up compared to $1.18 billion over the same period last year. The combined ratio landed at 98.2, an increase compared to 96 in the 2013 third quarter.
Source: The Hanover Insurance Group