# HANOVER INSURANCE GROUP, INC.

Summary updated: 2026-03-18T13:36:42.139516Z
Canonical: https://finbar.com/research/companies/hanover-insurance-group-inc

## Overview

The Hanover Insurance Group, Inc. is a U.S. property and casualty insurance holding company whose operating subsidiaries underwrite personal and commercial insurance products distributed primarily through independent agents and brokers. Its business is organized around Core Commercial, Specialty, and Personal Lines, offering products such as commercial multiple peril, workers’ compensation, commercial auto, professional and executive liability, marine, surety, personal auto, homeowners, and umbrella coverage. The company describes its approach as agency- and customer-centric, emphasizing specialized insurance products and services, disciplined underwriting and pricing, quality claims handling, and customer service. [1](https://app.finbar.com/go?id=P-8bfbd65efa914ce9a2edac8f5f5f008b)[2](https://app.finbar.com/go?id=P-af0ff7fd25e74f6587ca66d94a9200ca)[3](https://app.finbar.com/go?id=P-b5c7a1b2506541a6b179db06f85c2790)[4](https://app.finbar.com/go?id=P-613c37e1ec584129a435bcdc54f1b43f)[5](https://app.finbar.com/go?id=P-4fc984ee6f4b4e9c86b2487df15ee7bb)[6](https://app.finbar.com/go?id=P-587213ec54a141278d2d9d57595f2344)

Hanover operates across the United States, is licensed to sell property and casualty insurance in all 50 states, Washington, D.C., and Puerto Rico, and actively markets Core Commercial and Specialty products in 40 states plus D.C. and Personal Lines in 20 states. The company traces its roots to 1852 and was formed as a holding company in 1995. As of December 31, 2024, it had approximately 4,900 employees, all located in the U.S., and reported 2024 total revenues of about $6.2 billion and net premiums written of about $6.1 billion. While it does not present a single formal mission statement, it highlights CARE values—collaboration, accountability, respect, and empowerment—as central to meeting its commitments to agents, customers, investors, and other stakeholders.

[7](https://app.finbar.com/go?id=P-b15aa500a51f463591a33b1f5b6780bc)[8](https://app.finbar.com/go?id=P-839bf77731d54ff18fcde7bd2ee94d69)[9](https://app.finbar.com/go?id=P-eb84671db93149e2b1977b81d525e794)[10](https://app.finbar.com/go?id=P-09c22dc6e56c4d60a2ca0a540e839206)[11](https://app.finbar.com/go?id=P-44024e9f0fc4461e90fdab55e89b7e25)[12](https://app.finbar.com/go?id=P-cddfc125e02845bb850cb543a71ad5e3)[13](https://app.finbar.com/go?id=P-793aa6b147c646788de4368f3f8c73f9)

## Products & services

Hanover Insurance Group’s product mix is described as approximately 41% Personal Lines, 36% Core Commercial, and 23% Specialty. [14](https://app.finbar.com/go?id=P-7fb61839c2184f69b5d9ffcc8883e523) In Personal Lines, the company offers personal automobile coverage for personal bodily injury, third-party bodily injury, damage to the insured vehicle, and damage to other vehicles and property. [6](https://app.finbar.com/go?id=P-587213ec54a141278d2d9d57595f2344) Its homeowners and other personal lines products cover residences and personal property against perils such as fire, wind, hail, water damage excluding flood, theft, and vandalism, and also cover third-party bodily injury or property damage claims arising at residences. [15](https://app.finbar.com/go?id=P-08fb837e7136473cbe58c78a264a5f55)[16](https://app.finbar.com/go?id=P-149228590c0d46f39380f20cf39a5a1b)[17](https://app.finbar.com/go?id=P-4416616e5a3c4e9c98dea8adeb9e2a18) Additional personal coverages include personal umbrella, inland marine for jewelry and art, fire, personal watercraft, personal cyber, and other miscellaneous coverages. [18](https://app.finbar.com/go?id=P-0c0889f0dce94693a7d09ae49ccbf314)

Core Commercial is built around small commercial and middle market account business, with products including commercial multiple peril, commercial automobile, workers’ compensation, commercial umbrella, monoline general liability, claims-made liability, and monoline property. [19](https://app.finbar.com/go?id=P-ad55d5745f5d43d68f57835809d9f0d3)[20](https://app.finbar.com/go?id=P-4e6fc04f2ebc42b2b711261579f70f30) Commercial multiple peril policies cover third-party general liability from premises and operations, including injuries linked to products and services sold, and also insure business property against damage such as fire, wind, hail, water damage that may include flood, theft, and vandalism. [21](https://app.finbar.com/go?id=P-1abddaa335d140f2b0ce2bfe7877501b) Commercial automobile coverage protects businesses against bodily injury and vehicle or property damage losses, while workers’ compensation covers employee medical and indemnity claims arising from workplace injuries. [22](https://app.finbar.com/go?id=P-837be8b3214e49f8b8197c7e37daafa8)[4](https://app.finbar.com/go?id=P-613c37e1ec584129a435bcdc54f1b43f) The small commercial business generally serves accounts with annual policy premiums up to $50,000, while middle market serves accounts generally between $50,000 and $500,000 and includes industry-focused offerings for technology, human services, manufacturing, retail, real estate, and other sectors. [19](https://app.finbar.com/go?id=P-ad55d5745f5d43d68f57835809d9f0d3)

Specialty products include Professional and Executive Lines, Specialty Property & Casualty, Marine, and Surety and Other. [23](https://app.finbar.com/go?id=P-fc5246133bc240bc83e62f53ce607f1c)[24](https://app.finbar.com/go?id=P-590d8fe99f6f4f1497fb06fc4f0bd61c) Professional and Executive Lines is primarily composed of professional, management, and medical liability, including protection for directors, officers, and other employees, errors and omissions coverage, and employment practices liability coverage. [23](https://app.finbar.com/go?id=P-fc5246133bc240bc83e62f53ce607f1c) Marine products include inland and ocean marine coverage for contractor’s equipment, builders’ risk, goods in transit, jewelers block, fine art, and other valuables. [5](https://app.finbar.com/go?id=P-4fc984ee6f4b4e9c86b2487df15ee7bb) Specialty Property & Casualty includes Hanover Programs for groups of similar businesses with specialized underwriting or risk-management needs, Excess & Surplus for non-admitted general liability and property risks outside standard commercial appetite, Hanover Specialty Industrial for property insurance serving small and medium-sized chemical, paint, solvent, manufacturing, and distribution companies plus fire and allied lines, and Specialty General Liability for admitted higher-hazard liability risks. [25](https://app.finbar.com/go?id=P-12b4780b735f402d90b9f82eb34967b0)[26](https://app.finbar.com/go?id=P-4c50bf5c345843ffb583a55037b179a7)[27](https://app.finbar.com/go?id=P-5f774f3f19b04e63888f659df8738f6d)[28](https://app.finbar.com/go?id=P-8160866b876f45158bd524859386c00f) Surety and Other provides surety coverage for construction and other firms and sole proprietors against non-performance or non-payment claims, as well as commercial surety tied to fiduciary or regulatory obligations.

[29](https://app.finbar.com/go?id=P-bc8905db6a2d4ca2b38fd7c651734916)

## Geographic presence

Hanover Insurance Group is a U.S.-focused insurer with its principal executive offices in Worcester, Massachusetts. It is licensed in all 50 states, the District of Columbia, and Puerto Rico, and actively markets Core Commercial and Specialty products in 40 states and D.C. and Personal Lines products in 20 states. Its business operations are conducted primarily from company-owned facilities in Worcester, Massachusetts and Howell, Michigan, alongside leased offices across the United States for branch sales, underwriting, claims processing, and subsidiary operations. In 2024, it maintained 33 local offices across 23 states, with major processing support centered in Worcester, Howell, Salem, Virginia, and Windsor, Connecticut. As of year-end 2024, the company had about 4,900 employees, all in the United States. [30](https://app.finbar.com/go?id=P-a427494f55814498a4fe92e49e0d288f)[7](https://app.finbar.com/go?id=P-b15aa500a51f463591a33b1f5b6780bc)[31](https://app.finbar.com/go?id=P-cdbba5c279634186a97d39ce8a7af344)[8](https://app.finbar.com/go?id=P-839bf77731d54ff18fcde7bd2ee94d69)[9](https://app.finbar.com/go?id=P-eb84671db93149e2b1977b81d525e794)

Its premium base is concentrated in a number of U.S. states, with especially large positions in Michigan and Massachusetts. In 2024, Michigan accounted for about 19.0% of total net premiums written and Massachusetts for 8.2%; the next-largest state markets were New York at 7.4%, California at 7.0%, and Illinois and Texas at 5.2% each. The company also notes that it generates a significant portion of net premiums written and earnings in Michigan, Massachusetts, and other Northeastern states, while Core Commercial and Specialty premiums are also meaningfully represented in California and Texas. Within Personal Lines, approximately 50% of net premiums written comes from Michigan and Massachusetts combined.

[32](https://app.finbar.com/go?id=P-dff9f784e20943d485809fbbac5999a0)[33](https://app.finbar.com/go?id=T-b02f4ecdeea44151ba1b97daccfa76a4)[34](https://app.finbar.com/go?id=P-8128ad73f92e4fdaa5499aef3da39e0c)

## Business segments

The Hanover Insurance Group reports four operating segments: Core Commercial, Specialty, Personal Lines, and Other [35](https://app.finbar.com/go?id=P-de38848fa65a4060a6429d430970c597). Core Commercial covers commercial multiple peril, commercial automobile, workers’ compensation, and other commercial lines for small and mid-sized businesses [35](https://app.finbar.com/go?id=P-de38848fa65a4060a6429d430970c597)[36](https://app.finbar.com/go?id=P-b8274466e6764f18a67ae74227fa878a). Specialty is a specialized commercial insurance segment organized into Professional and Executive Lines, Specialty Property and Casualty, Marine, and Surety and Other, with products focused predominantly on small to mid-sized businesses [35](https://app.finbar.com/go?id=P-de38848fa65a4060a6429d430970c597)[37](https://app.finbar.com/go?id=P-ffaa77846e994887ad81d7893ad1b9c4). Personal Lines includes personal automobile, homeowners, umbrella, and other personal coverages, and is managed as an account-oriented business distributed through select independent agents [35](https://app.finbar.com/go?id=P-de38848fa65a4060a6429d430970c597)[38](https://app.finbar.com/go?id=P-f68a697a405b451fa5f4ad7c37099fef). The Other segment consists mainly of holding company assets and expenses, certain retirement-related costs, and run-off businesses, rather than a core underwriting franchise [35](https://app.finbar.com/go?id=P-de38848fa65a4060a6429d430970c597)[39](https://app.finbar.com/go?id=P-97ea151ec5ef44528319b629e6ea5ffb).

By contribution, Personal Lines was the largest underwriting segment in 2023 at about 41.5% of net premiums written and 40.5% of consolidated operating revenues [40](https://app.finbar.com/go?id=P-8345e5d097ca4b4fa612b3f983b4274f). Core Commercial represented about 36.3% of net premiums written and 36.8% of consolidated operating revenues [41](https://app.finbar.com/go?id=P-b4ea90b730244336a62dca851f738246). Specialty accounted for about 22.2% of net premiums written and 22.4% of consolidated operating revenues [42](https://app.finbar.com/go?id=P-5ec3ae4c7d254390af9ba362f4911cea). Together, these three underwriting segments effectively make up the group’s operating insurance business, while Other is a comparatively small residual segment tied to corporate and run-off activities rather than premium generation [39](https://app.finbar.com/go?id=P-97ea151ec5ef44528319b629e6ea5ffb).

## Company history

Hanover Insurance Group traces its roots to 1852, when The Hanover Fire Insurance Company was founded at Hanover Square in Manhattan; the present holding company was organized as a Delaware corporation in 1995. [1](https://app.finbar.com/go?id=P-8bfbd65efa914ce9a2edac8f5f5f008b)[43](https://www.hanover.com/why-hanover/about-our-company/our-history)

In the mid-2000s, the company reshaped itself around property-and-casualty insurance. In 2005, then-Allmerica Financial agreed to sell its variable life insurance and annuity business to Goldman Sachs, and later that year it adopted the name The Hanover Insurance Group, Inc., effective December 1, 2005. [44](https://www.goldmansachs.com/pressroom/press-releases/2005/2005-08-22)[45](https://www.insurancejournal.com/news/national/2005/10/31/61431.htm) Hanover completed the sale of its remaining run-off life insurance company, First Allmerica Financial Life Insurance Company, in 2009, stating that the transaction would leave it focused exclusively on property and casualty business. [46](https://www.sec.gov/Archives/edgar/data/944695/000119312509002603/dex991.htm)

The company then expanded through acquisitions, announcing the purchase of AIX Holdings in 2008 to strengthen its specialty and program business capabilities and completing the acquisition of Chaucer Holdings PLC in 2011, adding a Lloyd’s-based specialty insurance platform.

[47](https://investors.hanover.com/news/news-details/2008/The-Hanover-Insurance-Group-to-Acquire-AIX-Holdings/default.aspx)[48](https://www.prnewswire.com/news-releases/the-hanover-completes-acquisition-of-chaucer-holdings-plc-124852539.html)

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