The Hanover Insurance Group’s longtime CEO is stepping down, and a search for his replacement at the Massachusetts property/casualty insurer has already begun.
Frederick Eppinger plans to remain in his role as president, CEO and a director of the company until The Hanover finds a new leader. Even at that point, however, he’ll assist with the transition through June 30, 2016, according to the insurer.
Eppinger, 56, explained that he determined it was time for a change after more than 12 years in charge.
“I have decided that it is time for a new leader to step in … to take our company to the next level,” Eppinger said in prepared remarks. “I look forward to new professional opportunities, to spending some extra time with my family, and to pursuing some personal interests.”
In a statement, The Hanover Chairman Michael Angelini thanked Eppinger for his contributions and service, adding “we remain confident in our ability to achieve our financial goals as we continue to deliver value to all of our constituents.”
The Hanover credits Eppinger with leading the insurer’s transition from a regional company into a property/casualty insurer that handles global business. Beyond providing personal, commercial and specialty insurance lines in the United States (through independent agents and brokers), it also works through international member company Chaucer to underwrite business at Lloyd’s of London in major insurance and reinsurance classes including marine, property and energy.
Since he took the top slot in August 2003, the insurer said it has doubled in size and generated major growth in its total capital, book value and earnings.
For the 2015 second quarter, The Hanover booked $120.7 million in net income, up from $92.6 million over the same period in 2014. The combined ratio came in at 95.7, an improvement over 96.8 in the 2014 first quarter. Net premiums written also reached more than $1.29 billion, up from $1.27 billion in the 2014 second quarter, with domestic business growth and price increases in commercial and personal lines helping to fuel the results.
Source: The Hanover Insurance Group