The Hanover Insurance Group: One of the Longest-Lasting Insurers in the U.S.
The Hanover Insurance Group, Inc. (THG) has been in existence since 1852, making it one of the very oldest insurers in the United States. It was originally formed in 1852 near Manhattan’s Hanover Square (hence the company’s name) as an insurer against the common 19th Century hazard of fire. Today the company is headquartered in Worcester, Massachusetts. As of mid-2009, it holds an “A” (Excellent) rating and a stable outlook from the A.M. Best Company, the leading independent insurance industry rating service in the United States. Together with its subsidiaries and partners, Hanover ranks among the top thirty property and casualty insurance companies in the United States.
THG offers an extensive array both personal and commercial insurance products including automobile, boat, home, renters, condominium and dwelling fire, as well as specialty insurance policies. It also offers Umbrella policies, Workers Compensation and Inland Marine. Policies are sold through a force of about 2000 independent agents. Policy premium discounts for automobile policies include multiple-vehicle discounts, safety feature and anti-theft device discounts, discounts for good students and good drivers, as well as an original discount for paying a new auto policy in full. Policy premiums may be paid by regular mail, telephone or over the internet. They may also be paid by cash, check, credit card or automatic withdrawal from the customer’s bank account.
In the event of an accident or other loss, claims may be reported by telephone via a 24-hour hotline, or online via the company’s user-friendly official website. Claims are handled by company employed claims employees and occasionally retained independent adjusters. The company utilizes a direct repair body shop program and a glass repair/replacement program, both of which may be accessed online.
The Hanover Insurance Group has acquired several smaller holdings in the past decade. Most recently, in April, 2011, the Hanover Insurance Group purchased the British insurance company Chaucer Holdings for $510 million dollars. This is Hanover’s first major global expansion and will make over 20% of its business international. Natural disasters in the United States caused heavy losses to most major US insurers, which makes such geographic diversification appealing.
Whether you are an investor, or shopping around for an automobile insurance policy, this seems to be a company to keep your eye on. If you live within the Hanover Insurance market area, make sure to get a policy quote before you make a final decision about which company to purchase a policy from. You might be pleasantly surprised.
If you have even worked for Hanover Insurance or had a policy with them, our readers would love to hear from you. What did you think about the company? What did you like or dislike about it. How was the customer service. Please share your insights or personal story with the rest of our insurance community. Just fill out the web-form below to get started. Thank you.
This article is written for informational purposes and is not intended to take the place of competent local legal counsel. The writer is not affiliated with this insurance company in any way.
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An Explanation of Personal Umbrella Policies (PUP)
An Explanation of Uninsured/Underinsured Motorist Coverages
First Party Insurance Coverages vs. Third Party Insurance Coverages
What to do When You Have Been in an Accident
The Black Box Under Your Car Seat
The Insurance Company's Preferred Body Shop Program
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