The Hanover CEO to step down

Frederick Eppinger, the chief executive officer (CEO) and president of The Hanover Insurance Group, has unveiled plans to step down.

He will continue to serve in his current role until his successor is appointed and will be available to assist with the transition as needed until June 30, 2016.

Eppinger has led the company since August 2003 and, according to The Hanover, the company has more than doubled in size and has significantly grown its total capital, book value, and earnings power in this time.

"After 12 years of tremendous progress, with the company stronger and better positioned than ever, and with a history of substantial shareholder returns," Eppinger said.

"I have decided that it is time for a new leader to step in and work with our talented management team and all of our talented employees to take our company to the next level. I look forward to new professional opportunities, to spending some extra time with my family, and to pursuing some personal interests."

Michael Angelini, chairman of the board at The Hanover, said: "Fred made extraordinary contributions to Hanover during what was a critical period and he has positioned our company for the future with a distinctive strategy and distribution platform, a highly experienced team, and a growing global presence.

"We appreciate all that Fred has done for our organisation and wish him all the best. We remain confident in our ability to achieve our financial goals as we continue to deliver value to all of our constituents.”