A former AIG executive will join The Hanover Insurance Group as its new chief financial officer, filling a position made vacant nearly a year ago by the death of a long-time executive.
Jeffrey Farber will assume his new position at the Massachusetts-based property/casualty insurer in phases, starting Oct. 1 as executive vice president and senior finance officer, before taking on the CFO slot by Nov. 4.
In his new role, Farber is expected to oversee areas including finance, accounting, investment, actuarial, enterprise risk management, treasury and investor relations functions.
Farber, 52, is a 30-year insurance and financial industry-veteran. Previously, he spent five years with AIG, where he was its deputy chief financial officer and chief risk officer for its commercial and consumer businesses.
Joseph Zubretsky, The Hanover’s president and CEO, said that Farber will be an asset to the company in multiple areas.
“He brings a wealth of financial leadership expertise in the property and casualty and asset management businesses, expertise in strategic planning and business development, risk and capital management, along with international experience,” Zubretsky said in prepared remarks.
The Hanover’s CFO slot became open unexpectedly in mid-October 2015, when CFO David Greenfield died unexpectedly of what the Worcester company termed a “health event.”
A week later, The Hanover brought back former CFO Eugene Bullis to return to the position on an interim basis. Bullis is expected to remain with the company until Nov. 11, working with Farber towards a smooth transition.
Other than the CFO position, The Hanover also experienced major change right at the top. Zubretsy is a veteran Aetna executive who has been CEO only since June 20. He replaced Fredrick Eppinger, who retired after about 13 years as leader. He was credited with helping The Hanover double in size and generate major growth in its total capital, book value and earnings.
Source: The Hanover Insurance Group