The leader of a top property/casualty insurer plans to leave his role of president, chief executive officer and director next year.
Frederick H. Eppinger confirmed this week that he will be stepping down from The
Hanover Insurance Group effective June 30, 2016. He will continue to serve in his role until a successor is appointed, and then will be available to assist with the transition as needed.
“After 12 years of tremendous progress, with the company stronger and better positioned than ever, and with a history of substantial shareholder returns, I have decided that it is time for a new leader to step in and work with our talented management team and all of our talented employees to take our company to the next level,” Eppinger said in a statement.
“I look forward to new professional opportunities, to spending some extra time with my family, and to pursuing some personal interests.”
The 56-year-old Eppinger had retained the top post at The Hanover since 2003. Under his leadership, the insurer said it has “significantly grown its total capital, book value and earnings power.”
Today, The Hanover is a significant player in the personal, commercial and specialty insurance markets, with a specialist Lloyd’s insurance group that writes business in 200 countries worldwide.
Michael P. Angelini, chairman of the board at The Hanover, expressed his gratitude for Eppinger’s leadership.
“Fred made extraordinary contributions to The Hanover during what has a critical period and he has positioned our company for the future with a distinctive strategy and distribution platform, a highly experienced team, and a growing global presence,” Angelini said. “We appreciate all that Fred has done for our organizations and wish him all the best.”
He added that the company “remain[s] confident” that it is on track to achieve its financial goal and continue delivering value to independent agents and consumers.
The board as already initiated a search for Eppinger’s replacement.
