The Hanover Insurance coverage Group has named Richard W. Lavey as its chief working officer (COO), a newly created place.
Lavey will deal with the corporate’s enterprise technique and promote collaboration between its enterprise and know-how organisations, with a give attention to bettering propositions for brokers and clients.
He can even proceed to supervise his present tasks, which embody heading the non-public traces and core business sectors that cowl small and center market segments.
His function additionally extends to managing the corporate’s gross sales and distribution, company underwriting, advertising and marketing and danger options features.
Lavey has been working within the insurance coverage and know-how sectors for greater than 35 years.
He joined The Hanover in 2004, along with his earlier roles being vice-president of strategic initiatives at The Hartford’s property and casualty organisation, in addition to vice-president of strategic advertising and marketing for The Hartford’s Choose Buyer division.
His skilled background additionally consists of positions at software program corporations ChannelPoint and Bowstreet, and a consultancy function at CSC Healthcare, following the beginning of his profession at The Vacationers Insurance coverage Firm.
The Hanover president and CEO John C. Roche stated: “We’re very happy to have Dick assume this key function in our organisation and to have his management over our firm’s strategic operations. In our quickly altering and dynamic enterprise, we’re intently centered on the event of strategic working fashions that ship worth for all our stakeholders and our firm. Dick is a confirmed chief who has efficiently guided our companies by transformative occasions over the course of his 21 years with our firm.”
The corporate reported internet revenue of $426m for the complete 12 months of 2024, up from $35.3m within the earlier 12 months.
Its working revenue for 2024 stood at $485.9m, in contrast with $56.2m in 2023.
