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Worcester’s The Hanover Insurance Group Named a Top Carrier in US

Tuesday, August 11, 2015

 

The market has spoken on who they think are doing a the best job in the insurance industry and The Hanover Insurance Group has been rated a five-star carrier in the latest issue of Insurance Business America.

Hanover Insurance Group, reported net income of $120.7 million, or $2.68 per diluted share, for the second quarter of 2015, compared to net income of $82.6 million. Operating income was $70.4 million in the second quarter of 2015, compared to $58.4 million in the prior-year quarter. 

Insurance Business America asked producers what aspects of carrier performance are most important to them. These ranged from competitive rates to claims processing efficiency, reputation and financial stability and more, according to the publication.

In addition, rroducers also rated their carriers’ performance across ten such criteria. The carriers that achieved 5-star status consistently received excellent marks from producers in at least one category and several achieved top scores in multiple categories.

Of the 22 carriers that made this year’s list, The Hanover Insurance Group
received 5-star marks in six out of the ten categories, specifically:

Range of products
Reputation and financial security
Education and training
Underwriting expertise
Marketing support
Claims processing

 

Related Slideshow: The Central MA Cities with the Most Expensive Car Insurance

A new ranking for how expensive -- or cheap -- auto insurance is in the Commonwealth has been released by consumer website ValuePenguin for the state's nearly 5 million drivers. ValuePenguin reviewed auto insurance rates in MA for 7 different driver profiles from 35 insurers in the 179 cities with a population over 10,000. The blended cost for each was yielded from the following methodolody:

Included in the study were sample annual premiums from 35 companies, from ACE to Vermont Mutual. Seven kinds of driver situations were represented, including single adults of various years of driving experience, three married couples, and a married couple with a teenaged driver. Rates were pulled for policies covering the minimum liability limits per Massachusetts law up to 100/300/100 for married couples.

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23. Northborough

Average Cost: $1043

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22. Uxbridge

Average Cost: $1053

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21. Hopkinton

Average Cost: $1062

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20. Lunenberg

Average Cost: $1098

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19. Westborough

Average Cost: $1156

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18. Hudson

Average Cost: $1184

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17. Gardner

Average Cost: $1196

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16. Holden

Average Cost: $1196

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15. Winchendon

Average Cost: $1197

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14. Northbridge

Average Cost: $1203

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13. Grafton

Average Cost: $1216

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12. Charlton

Average Cost: $1247

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11. Millbury

Average Cost: $1270

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10. Leominster

Average Cost: $1285

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9. Milford

Average Cost: $1286

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8. Shrewsbury

Average Cost: $1301

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7. Auburn

Average Cost: $1340

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6. Clinton

Average Cost: $1340

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5. Southbridge

Average Cost: $1351

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4. Spencer

Average Cost: $1353

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3. Leicester

Average Cost: $1386

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2. Webster

Average Cost: $1394

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1. Worcester

Average Cost: $1764

 
 

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