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November 16, 2022

Report: Hanover Insurance adds $571M in annual value to Central Mass.

The Hanover Insurance Group campus off of Lincoln Street in Worcester.

Hanover Insurance Group employed an average of 1,837 people in Central Massachusetts each year between 2010 and 2020 and contributed $354 million to personal income in the same area, according to a report the Worcester-headquartered public company commissioned from The University of Massachusetts Donahue Institute. 

Hanover, which has a 52-acre headquarters in Worcester, commissioned the report from the UMass Donahue Institute’s Economic and Public Policy Research group. The Donahue Institute was founded in 1971 and partners with organizations and clients to provide research, education and training. 

The report estimates Hanover generates $749 million in annual value added across Massachusetts, with $1.25 billion in annual economic output. Those numbers include the company’s revenues, the personal income of its employees, and the state and local taxes it pays.

In Central Massachusetts, the annual value added by the company is $571 million, and the cumulative value over the 10-year period is $6.28 billion, according to the report.

According to the report, Hanover Insurance supported an average of 6,187 annually jobs across Massachusetts over that time frame. The company also helped with the development of 13 acres of land in downtown Worcester as part of the CitySquare redevelopment project while helping transform and support The Hanover Theatre and Conservatory, which opened in 2008 in Worcester.

Hanover employs 4,400 people across its entire company and 1,675 in Central Massachusetts, according to numbers it reported to the WBJ Research Department. It is the 16th largest employer in Central Massachusetts and the only public company headquartered in the city of Worcester.

The company provides property and casualty insurance through independent agents in Massachusetts. 

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