Mr. Roche will take over the top spot at The Hanover on November 4
This week The Hanover Insurance Group announced a new president and chief executive officer. On November 3, 2017, John C. Roche will assume the top spot at the Worcester-based carrier replacing outgoing President and CEO Joseph M. Zubretsky.
We are very pleased to have Jack move into the role of president and chief executive officer,” said Kevin Condron, on the new appointment. Mr. Condron is the chairman of the board at The Hanover. “Jack has been a key member of our leadership team for many years. He has played a critical role in the successful expansion of our company, working closely with the board and others, helping to position The Hanover over the past decade as the best partner for independent agents and one of the very best companies in our business. He brings passion, vision and tremendous knowledge of our industry, our company, and the independent agency distribution channel to the role, working with our talented team to set the stage for an even more successful future.”
“I’m looking forward to continuing to work with Jack to build on The Hanover’s strong financial performance and creating value for our shareholders and all our stakeholders,” said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. “Excluding catastrophes, we anticipate achieving our original third quarter expectations when we report our quarterly earnings on Nov. 1. The company continues to enjoy strong growth and earnings momentum, and we will continue to capitalize on these trends.”
Mr. Zubretsky announced that he will departing the top rated insurer to purse a career opportunity outside the property and casualty industry. He will remain at the company through November 3rd, in order to ensure a smooth transition.
A look at Mr. Roche’s insurance career
Mr. Roche, 54, is currently the president of Hanover Agency Markets, The Hanover’s personal and commercial lines businesses. In addition to that position, he also has served on the company’s executive leadership team since 2008. Mr. Roche first joined The Hanover in 2006, and over the course of his career has served in a number of senior leadership positions, including president, business insurance; vice president, field operations, marketing and distribution; and vice president, commercial lines underwriting and product management.
Prior to joining The Hanover, he served in senior roles with the St. Paul Travelers Companies. His insurance career first began at Fireman’s Fund and Atlantic Mutual, where he held a number of underwriting and management positions. An experienced and well-regarded senior leader, Mr. Roche’s insurance career includes more than 30 years experience within the property and casualty industry. A graduate of the University of Connecticut, Mr. Roche also serves on the board of directors for the National Council of Compensation Insurance.
“I am honored and very excited to have the opportunity to lead our great organization,” said Roche. “Over the course of my many years at The Hanover, I have developed an incredible respect for the organization and its committed team. I look forward to working with this team to deliver on our strategy, providing innovative insurance solutions through the best independent agents in the business, and delivering significant value to our customers, shareholders and other stakeholders.”
Mr. Zubretsky leaving The Hanover to join Molina Healthcare
In commenting on his decision to leave The Hanover, Mr. Zubretsky had this to say, “I will leave The Hanover with tremendous respect for the people and the organization. The company is very well positioned financially, and has the talent and the organizational drive to deliver on its long-term strategy. Unsolicited, I was presented with a personally compelling opportunity in the healthcare industry. I will very much miss The Hanover, its people and its agent partners, and look forward to watching the company’s continued success.”
Mr. Zubretsky, 60, joined The Hanover as president and chief executive officer in June 2016. During his tenure, the company focused on strengthening its core business strategy, which included a reorganization of the company earlier this year in order to focus both on innovation as well as independent agents.
“We appreciate Joe’s leadership and his many contributions,” said Condron. “We are better positioned today than ever, with a strong financial foundation, a deep and talented team, a unique and clearly-defined strategy, and the best distribution partners in our industry. We have every confidence we will continue our positive momentum under Jack’s leadership, and we wish Joe all the best.”
According to Reuters, Mr. Zubretsky will leave The Hanover to join Molina Healthcare as its new Chief Executive Officer, effective November 6th. He will reportedly have an annual base salary of $1.3 million. Mr. Zubretsky will replace CFO Joseph White, who has been serving as the interim chief executive since the firing of Chief Executive Dr. J. Mario Molina and Chief Financial Officer John Molina, sons of the small health insurer’s founder, in May.