The Hanover Insurance Group chose a veteran Aetna executive as its replacement for Frederick Eppinger, its longtime CEO, who announced last September that he planned to retire.
Joseph Zubretsky will become president, CEO and director at The Hanover on June 20; Eppinger plans to stay on until then to enable a smooth transition.
Zubretsky is a 59-year-old veteran insurance industry and financial services executive. He spent nearly nine years at Aetna, most recently as CEO of its Healthagen Holdings, a group of healthcare and information technology companies. As well, he was a member of Aetna’s executive committee. He’s also been a senior executive vice president in charge of National Businesses, a $10 billion Aetna flagship that offers health products to multinational companies, and he was once Aetna’s executive vice president and chief financial officer.
Before Aetna, Zubretsky was senior executive vice president at Unum Group, where he handled the company’s finance, investments, marketing strategy and risk operations from 2005-2007. He was also a partner at Brera Capital Partners, a global private equity firm, and executive vice president of business development and chief financial officer at MassMutual Financial Group. Zubretsky began his career as an accountant at Coopers & Lybrand, ultimately becoming partner of its National Insurance Industry Group.
Zubretsky said he respects The Hanover and its culture.
“I am excited to have the opportunity to join this great company,” Zubretsky said in prepared remarks. “I have tremendous respect for the organization, its values and its talented employees.”
Michael Angelini, chairman of The Hanover’s board of directors, noted, also in prepared remarks, that Zubretsky comes on board with “broad insurance experience,” a deep understanding of the independent agency distribution channel, a strategic orientation, risk management expertise and an impressive record of building market-leading companies.”
Eppinger announced in September that he was leaving The Hanover in order to spend some more time with family, pursue some personal interests and seek out “new professional opportunities.”
Eppinger is credited with leading The Hanover’s transition from a regional company into a property/casualty insurer that handles global business. The Hanover provides personal, commercial and specialty insurance lines in the United States through independent agents and brokers and 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.
The Hanover said it has doubled in size and generated major growth in its total capital, book value and earnings since Eppinger took over as CEO in August 2003.
Angelini noted that Eppinger “inherited a small, regional company and led its transformation over 13 years into a respected, leading national carrier with international capabilities, inspiring many and creating tremendous shareholder value. This is a success story of the highest order.”
Source: The Hanover