Hanover Insurance Company (Hannover Insurance Company) The Hanover Insurance Group, Inc. (NYSE: THG) was founded in 1852 and is headquartered in Worcester, Massachusetts, USA, with 4,900 full-time employees. It is a company that provides various properties in the United States and internationally. Insurance company with accident insurance products.
The Hanover Insurance Group (THG):
Hanover Insurance Company provides various property and accident insurance products and services in the United States and internationally through its subsidiaries. Hanover Insurance Group is divided into 4 departments to operate: Commercial Lines, Personal Lines, Chaucer and other.
- Commercial insurance department : provides insurance products for commercial comprehensive insurance policies, commercial vehicles, employee compensation, professional scheme companies, inland transportation, management and specialized occupational accident liability, guarantees and umbrellas, single-line general accident liability, professional property, and mixed commercial property insurance.
- Personal insurance business : provide personal car and homeowner insurance items, as well as other personal insurance items, including personal inland transportation, umbrella, fire, personal water transportation, earthquake and other mixed insurance items.
- Chaucer business department : provide navigation and aviation, energy, property, automobile, international accident liability, expert insurance project and join joint enterprise.
- Other business sectors : selling investment management and consulting services to companies, pension funds and other organizations.
Historical evolution of The Hanover Insurance Group (THG):
- In 1852, The Hanover Fire Insurance Company was founded as the predecessor of The Hanover Insurance Group;
- In 1958, the company name was changed from The Hanover Fire Insurance Company to The Hanover Insurance Group;
- In 1974, all shares of Citizens Mutual Insurance Company were acquired;
- In 1994, Hanover Insurance changed its name to Allmerica Property & Casualty Companies, Inc., and was transferred to the New York Stock Exchange from Nasdaq, with a new stock code: APY;
- In 1995, Allmerica Property & Casualty Companies, Inc. divested Allmerica Financial Corporation (AFC), and AFC held approximately 60% of the former;
- On October 11, 1995, Allmerica Financial Corporation landed on the New York Stock Exchange, stock code: AFC;
- By 1997, Allmerica Property & Casualty Companies had become the top 30 property and casualty insurance company in the United States, with two subsidiaries: Citizens Corporation and The Hanover Insurance Company;
- On February 20, 1997, Allmerica Property & Casualty Companies, Inc. announced that it had accepted the acquisition offer of Allmerica Financial Corporation (AFC)-AFC acquired the remaining 40.5% of Allmerica P&C for US$800 million. The transaction was completed in the third quarter of the same year. Allmerica Property & Casualty Companies was delisted from the New York Stock Exchange;
- On December 1, 2005, Allmerica Financial Corporation changed its name to The Hanover Insurance Group, Inc. (Hanover Insurance Company), which is the parent company of Hanover Insurance and Citizens Insurance;
- The former Allmerica Financial Corporation’s variable life and variable annuity insurance business bolo established CommonWealth Annuity and Life Insurance Company (a Goldman Sachs company);
- In 2008, The Hanover Insurance Group acquired AIX Group.;
- In January 2009, CommonWealth Annuity and Life Insurance Company acquired First Allmerica Life Insurance Company (FAFLIC) from Hanover Insurance Company;
- In 2009, acquired the commercial insurance business of OneBeacon Insurance Group;
- In 2011, The Hanover Insurance Group acquired Chaucer Holdings in London, England.