After nearly 20 years helping shape one of Worcester’s largest employers, Hanover Insurance Group President and CEO Jack Roche retires at the end of the year, handing the reins to a longtime company executive who has spent more than two decades helping guide its growth.
The Hanover announced Wednesday that Roche plans to retire Dec. 31 after a 40-year career in the insurance industry. The company’s board of directors has named Richard “Dick” Lavey, the insurer’s chief operating officer and president of Hanover Agency Markets, as CEO-elect. Lavey will work alongside Roche over the coming months to oversee the leadership transition.
The succession plan marks the end of an era for the Worcester-based property and casualty insurer. Roche joined The Hanover in 2006 and became president and chief executive officer in 2017. During his tenure, the company reported record operating earnings, significant stock price growth and expanded its position in the independent insurance agency market, according to the company’s announcement.
“The Board of Directors is deeply grateful to Jack for his outstanding leadership and the significant impact he’s made to The Hanover,” board chair Cynthia Egan said in the announcement. “He has driven progress in every dimension of the company, not the least of which is working closely with the board and with Dick to ensure that we have an exceptional CEO to elevate the company to its next level.”
Roche said the company is well positioned for the future and expressed confidence in his successor.
“I will retire at the end of the year with tremendous pride in all our organization has accomplished,” Roche said in the announcement. “The company is in a strong financial position and has the exceptional talent needed to drive our business forward. Having worked closely with Dick for more than two decades, I have complete confidence in his leadership and his ability to guide our company forward.”
Lavey joined The Hanover in 2004 and has held a series of senior leadership positions, including chief marketing officer, chief growth innovation officer, president of personal lines and president of the company’s Northeast region. As chief operating officer, he oversees the company’s operating model and technology strategy while leading Hanover Agency Markets, which accounts for roughly three-quarters of the company’s $7 billion in consolidated gross premiums written.
Before joining The Hanover, Lavey held leadership roles at The Hartford and The Travelers Insurance Company. A graduate of the College of the Holy Cross, he earned his MBA from Harvard Business School.
“I am honored to lead our organization at such a transformative time in our business,” Lavey said in the announcement. “I am energized to continue our momentum to accelerate growth, drive performance and deliver lasting value for our stakeholders.”
Founded in 1852, The Hanover Insurance Group is one of Worcester’s largest publicly traded companies and provides property and casualty insurance through independent agents and brokers across the country.
The company said Roche and Lavey discusses the transition during its earnings call on July 29 and provide additional details about the company’s strategy during an investor day scheduled for Sept. 17.
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