The Hanover reveals new CEO following departure
US-based property/casualty insurer The Hanover Insurance Group has appointed John Roche as president and CEO.
Roche will succeed Joseph Zubretsky, who has accepted a career opportunity outside of the property and casualty industry. Zubretsky will remain with the company through Nov. 3.
Roche currently leads The Hanover's personal and commercial lines businesses as president of Hanover Agency Markets, and has served on the company's executive leadership team since 2008. He has more than 30 years of experience in the property and casualty business.
Since joining the company in 2006, Roche has served in several senior leadership positions, including president, business insurance; vice president, field operations, marketing and distribution; and vice president, commercial lines underwriting and product management. Prior to joining The Hanover, he served in senior roles at the St. Paul Travelers Companies. He began his career at Fireman's Fund and Atlantic Mutual, where he held a number of underwriting and management positions. Roche also serves on the board of directors for the National Council of Compensation Insurance.
"We are very pleased to have Jack move into the role of president and chief executive officer," said Kevin Condron, chairman of the board at The Hanover. "Jack has been a key member of our leadership team for many years. He has played a critical role in the successful expansion of our company, working closely with the board and others, helping to position The Hanover over the past decade as the best partner for independent agents and one of the very best companies in our business. He brings passion, vision and tremendous knowledge of our industry, our company, and the independent agency distribution channel to the role, working with our talented team to set the stage for an even more successful future."
Roche commented: "I am honoured and very excited to have the opportunity to lead our great organization. Over the course of my many years at The Hanover, I have developed an incredible respect for the organization and its committed team. I look forward to working with this team to deliver on our strategy, providing innovative insurance solutions through the best independent agents in the business, and delivering significant value to our customers, shareholders and other stakeholders."
Zubretsky joined The Hanover as president and chief executive officer in June 2016.
Zubretsky said: "I will leave The Hanover with tremendous respect for the people and the organization. The company is very well positioned financially, and has the talent and the organizational drive to deliver on its long-term strategy. Unsolicited, I was presented with a personally compelling opportunity in the healthcare industry. I will very much miss The Hanover, its people and its agent partners, and look forward to watching the company's continued success."
Jeffrey Farber, executive vice president and chief financial officer at The Hanover, said: "I'm looking forward to continuing to work with Jack to build on The Hanover's strong financial performance and creating value for our shareholders and all our stakeholders. Excluding catastrophes, we anticipate achieving our original third quarter expectations when we report our quarterly earnings on Nov. 1. The company continues to enjoy strong growth and earnings momentum, and we will continue to capitalize on these trends."
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