Hanover reorganizing under new CEO
Hanover Insurance Group is combining several divisions, expanding its specialty business and forming a new unit.
Hanover Insurance Group, Worcester's largest non-medical employer, unveiled its new CEO's strategy last week, including combining several divisions, expanding its specialty business and forming a new unit.
The plan, called Hanover 2021, is the first major move by Joseph Zubretsky, who took over as president and CEO in June.
Hanover's small commercial, middle market and personal lines businesses will be combined into one division called Hanover Agency Markets. The company will expand its specialty unit that covers companies that may have unusual risks, such as power plants or companies that use chemical products.
Hanover is forming a new unit to analyze data and emerging customer segments and help the company's distribution partners grow their businesses.
The company's executive team is being shifted to new responsibilities based on the changes but all will be retained.
Hanover saw its net income fall by more than half in fiscal 2016, to $155 million. The company had a net income of $332 million the prior year.
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