The Hanover Insurance Group has announced that president and CEO John "Jack" C. Roche (pictured, left) plans to retire on December 31, 2026, as the company hands leadership to an internal successor at a moment of some of its strongest financial results in years.
The board has appointed Richard "Dick" W. Lavey (pictured, right), currently chief operating officer and president of Hanover Agency Markets, as CEO-elect, with Lavey working alongside Roche through the transition.
Roche joined The Hanover in 2006 and was named president and CEO in 2017. Cynthia L. Egan, chair of the board at The Hanover, said the board is deeply grateful to Roche for his leadership and the impact he has made on the company, and that he has worked closely with the board and with Lavey to ensure a smooth handoff to an exceptional successor.
Roche also serves the wider industry as vice chair of the board of trustees for The Institutes, a board member of the American Property Casualty Insurance Association, and a member of the board of overseers of St. John's University's Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science.
The succession lands as The Hanover reports some of its strongest financial results in years. The company posted first-quarter 2026 net income of $186.8 million, or $5.20 per diluted share, up from $128.2 million a year earlier, with operating income of $188.5 million, or $5.25 per diluted share, a combined ratio of 91.7%, and return on equity above 20%.
Roche credited the results to disciplined execution and the cumulative effect of prior pricing and underwriting actions, while chief financial officer Jeffrey Farber pointed to a 2.4-point improvement in the company's ex-catastrophe combined ratio and nearly 20% growth in net investment income.
Lavey has led Hanover Agency Markets, which encompasses core commercial and personal lines representing 75% of the company's $7 billion in consolidated gross premiums written. He joined The Hanover in 2004 and has held roles including chief marketing officer, chief growth innovation officer, and president of personal lines, following earlier leadership positions at The Hartford and Travelers. He recently served as chairman of the board for the National Council on Compensation Insurance and holds an MBA from Harvard Business School.
The transition also comes at a notable moment for the distribution channel The Hanover has built its business around. Independent agents placed 62% of all US property and casualty insurance written in 2025, up from 61.5% in 2024, according to the Big "I" 2026 Market Share Report, which compiles AM Best premium data across all 50 states.
The independent agency channel's combined ratio fell to 88% in 2025, well below the broader industry's 92.9% full-year figure, itself the lowest in more than a decade. At the same time, the market is shifting. Commercial premiums fell for the first time in nearly nine years in the first quarter of 2026, according to the Council of Insurance Agents & Brokers, ending a 33-quarter streak of increases as competition intensifies and pricing softens across several lines.
Egan said Lavey is an accomplished executive whose deep experience spans the insurance and technology industries. "His impressive contributions have been central in the successful expansion of the company's strategy, shaping The Hanover into a leading partner for independent agents and a top-performing company," she said, crediting his leadership in repositioning the firm's personal and core commercial lines growth and profitability and driving technology advancements.
Roche said he will retire with tremendous pride in what the organization has accomplished. "The company is in a strong financial position and has the exceptional talent needed to drive our business forward," he said. "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 said he was honored to lead the organization at a transformative time in its business, adding that he was energized to build on the company's momentum and deliver lasting value for its stakeholders.
Lavey inherits a company posting some of its best underwriting results in years, but he also takes over just as the broader commercial market he has spent two decades helping to grow begins to soften, a shift that will test whether The Hanover's independent agency strategy can sustain its recent momentum through a changing cycle.
