The Hanover Insurance Group has named Richard W. Lavey as its chief operating officer (COO), a newly created position.
Lavey will handle the company’s business strategy and promote collaboration between its business and technology organisations, with a focus on improving propositions for agents and customers.
He will also continue to oversee his existing responsibilities, which include heading the personal lines and core commercial sectors that cover small and middle market segments.
His role also extends to managing the company’s sales and distribution, corporate underwriting, marketing and risk solutions functions.
Lavey has been working in the insurance and technology sectors for more than 35 years.
He joined The Hanover in 2004, with his previous roles being vice-president of strategic initiatives at The Hartford’s property and casualty organisation, as well as vice-president of strategic marketing for The Hartford’s Select Customer division.
His professional background also includes positions at software companies ChannelPoint and Bowstreet, and a consultancy role at CSC Healthcare, following the start of his career at The Travelers Insurance Company.
The Hanover president and CEO John C. Roche said: “We are very pleased to have Dick assume this key role in our organisation and to have his leadership over our company’s strategic operations. In our rapidly changing and dynamic business, we are intently focused on the development of strategic operating models that deliver value for all our stakeholders and our company. Dick is a proven leader who has successfully guided our businesses through transformative times over the course of his 21 years with our company.”
The company reported net income of $426m for the full year of 2024, up from $35.3m in the previous year.
Its operating income for 2024 stood at $485.9m, compared with $56.2m in 2023.
