Profile: Hanover Insurance Group Inc (THG.N)
28 Mar 2017
The Hanover Insurance Group, Inc., incorporated on January 12, 1995, is a holding company. The Company is engaged in providing property and casualty insurance products and services. The Company has four segments: Commercial Lines, Personal Lines, Chaucer and Other. The Company markets its domestic products and services through independent agents and brokers in the United States, and conducts business internationally through a subsidiary, Chaucer Holdings Limited, which operates through the Society and Corporation of Lloyd's (Lloyd's).
The Company's Commercial Lines product suite provides agents and customers with products designed for small, middle and specialized markets. Its Commercial Lines coverages include commercial multiple peril, commercial automobile coverage, workers' compensation coverage and other commercial lines. Its commercial multiple peril coverage insures businesses against third-party general liability from accidents occurring on their premises or arising out of their operations, such as injuries sustained from products sold. It also insures business property for damage, such as that caused by fire, wind, hail, water damage (which may include flood), theft and vandalism. Its commercial automobile coverage insures businesses against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle and property damage to other vehicles and property. Its workers' compensation coverage insures employers against employee medical and indemnity claims resulting from injuries related to work.
The Company's other commercial lines include inland marine coverage, which insures businesses against physical losses to property, such as contractor's equipment, builders' risk and goods in transit, and also covers jewelers block, fine art and other valuables, and AIX Holdings, Inc. (AIX) program business, which provides coverage to markets where there are specialty coverage or risk management needs, including commercial multiple peril, workers' compensation, commercial automobile, general liability and other commercial coverages. Its other commercial lines also include management and professional liability coverage, which provides protection for directors and officers of companies that may be sued in connection with their performance, and errors and omissions protection to companies and individuals against negligence or bad faith, as well as protection for employment practices liability and fidelity and crime, and surety, which provides businesses with contract surety coverage in the event of performance or non-payment claims, and commercial surety coverage related to fiduciary or regulatory obligations. Its other commercial lines include specialty property, which provides insurance to small and medium-sized chemical, paint, solvent and other related manufacturing and distribution companies, and other commercial lines coverages, which include monoline general liability, umbrella, healthcare and miscellaneous commercial property.
The Company's Personal Lines coverages include personal automobile coverage, which insures individuals against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle, and property damage to other vehicles and other property, and homeowners coverage, which insures individuals for losses to their residences and personal property, such as those caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third-party liability claims. Its Personal Lines coverages also include other personal lines, which consist of personal inland marine, umbrella, fire, personal watercraft, earthquake and other miscellaneous coverages.
The Chaucer segment consists of international business written through Lloyd's, including marine and aviation, property, energy, and casualty and other. The marine and aviation business includes direct, facultative and treaty business. The marine account provides cover for hull, liability, war, terrorism, aviation war, cargo, political risk and trade credit, specie, fine art, and ports and terminals. The aviation account insures airline hull and liability, general aviation, refuellers, aviation products and satellite. The property business includes treaty business, as well as direct and facultative coverage for commercial and industrial risks against physical damage and business interruption. The energy business consists of exploration and production, construction, downstream, operational power and renewables, insuring against physical damage, business interruption, control of well, seepage and pollution and liabilities. Its energy business also includes a nuclear account, which provides coverage across the nuclear fuel cycle from raw uranium and nuclear fuel to the shipment and storage of waste. Its casualty and other business provides liability coverage internationally, including its expanded United States casualty business, for professional and commercial risks on a direct and treaty basis, credit and bond, crime and professional liability coverage for financial institutions, medical malpractice, excess workers' compensation, and accident and health.
The Other segment consists of Opus Investment Management, Inc. (Opus), which provides investment advisory services to affiliates. The Opus manages the Company's assets for unaffiliated institutions, such as insurance companies, retirement plans and foundations; earnings on holding company assets, and its discontinued voluntary pools business.
Hanover Insurance Group Inc
440 LINCOLN ST
WORCESTER MA 1653