The Hanover Insurance Group Commemorates Its 160th Anniversary

WORCESTER, Mass., April 4, 2012 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG), a leading provider of property and casualty insurance products nationwide, today announced that it is beginning a year-long celebration of its 160th anniversary. The company's Chief Executive Officer Fred Eppinger will kick-off the celebration when he rings the closing bell at the New York Stock Exchange later today.

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As one of the oldest companies listed on the NYSE and one of the fastest growing insurers in the country, this is an especially meaningful day for The Hanover. Eppinger will be joined on the bell platform by Marita Zuraitis, president of The Hanover's property and casualty companies, and the company's executive leadership team.

"The Hanover has a fascinating history. For 160 years, our company and our people have delivered on our promises to our agent partners and their customers. We have withstood the many tests of time, providing the peace of mind, security and protection that comes with quality insurance coverage, and in the process, positioned our company for a bright and successful future," said Eppinger. "We are honored to have established one of the longest and proudest records in the industry."

A Long and Distinguished History

Founded in 1852 in New York City, The Hanover has remained committed to selling insurance products and services through a select group of agents and brokers as it did from the beginning.  Now headquartered in Worcester, Mass., The Hanover offers a wide range of property and casualty products and services to businesses, individuals, and families. The company is ranked among the top 25 property and casualty insurers in the United States and has a global reach, providing insurance protection around the world.

Some milestones in The Hanover's history include:

• Began doing business in Hanover Square, New York, and appointed its first independent agent, shortly after its founding.  By the end of the year, the company had underwritten $2.5 million in risk and its board had declared a 10 percent dividend
• Appointed S.S. Coe, a prominent and well-respected Cleveland businessman, as its first agent during its first year of operation
• Just three years into its existence, began a tradition of giving back to local communities, making a donation to the Fireman's Widows and Orphans Fund
• Met the challenges of The Great Chicago (1871) and Boston (1872) fires, which put nearly 70 other insurers out of business. (In today's dollars, those fires represent the third and sixth most costly catastrophe losses in U.S. history.)
• Opened an office in London, England to begin writing internationally in the late 1880s
• During WWI, provided insurance for U.S. ships carrying cargo across the Atlantic
• Wrote the first auto policy in the State of Michigan in 1915, not long after cars began rolling out of Detroit's factories. Along the way, has provided auto insurance to icons, including Babe Ruth
• Emerged from the Great Depression better capitalized and financially stronger than before the economic collapse. The company accomplished this without any salary decreases and without laying off any employees
• Among the first American companies to provide insurance in Asia during the 1930s, with policies written in both Chinese and English
• When airplane technology was still developing in the 1930s, developed an aviation insurance product
• The only major insurer to be upgraded by A.M. Best, Moody's, and Standard & Poor's in spite of severe recessionary pressures in 2008 and 2009 
• During that same challenging economic time period, the company grew its top line at a double-digit rate and added several hundred employees to its work force
• Named among "Best Places to Work" by Business Insurance
• Named one of America's 100 Most Trusted Companies in a study commissioned by Forbes Magazine

Turning Point

In 2003, The Hanover made the strategic decision to divest from its life insurance and annuity business to focus on the profitable growth of its property and casualty business, beginning by investing to create a world class property and casualty company. 

Since then, The Hanover has made great progress on its journey, balancing its portfolio between property and casualty, making significant investments in specialty insurance, and expanding its geographic reach to establish a presence countrywide. This strengthened foundation has made The Hanover the best partner for winning independent agents, positioning it for a bright and successful future.

About The Hanover

The Hanover Insurance Group, Inc. (NYSE: THG) offers a wide range of property and casualty products and services to businesses, individuals, and families through a select group of agents and brokers. The Hanover is ranked among the top 25 property and casualty companies in the United States. Founded in 1852, The Hanover is proud to be celebrating 160 years of delivering on its promises to its agent partners and their customers.

Based in Worcester, Mass., The Hanover Insurance Group, Inc. is the holding company for a group of insurers that includes The Hanover Insurance Company, also based in Worcester, Citizens Insurance Company of America, headquartered in Howell, Michigan, Chaucer Holdings PLC, based in London, and their affiliates. Through Chaucer, the company underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including property, marine and aviation, energy, U.K. motor and casualty. For more information, please visit www.hanover.com.

SOURCE The Hanover Insurance Group, Inc.