Their new financial officer came from AIG; their new head of Specialty Property had a leadership role at Reliance (remember them?); the head of CL product and underwriting came from CNA and St. Paul (where he was president of construction??); the Pres of property/casualty is from St. Paul; the head of the new western region is from St. Paul; they’re looking to buy carriers that are under strain or shrinking (like STP bought USF&G, Kemper, etc – where has STP, etal gone?); they will take expense risk (during a soft market when smart companies are reducing expenses). Fred has assembled a team of real winners here – this turkey should go down in flames pretty quickly.
I challenge anyone to listen to Fred’s interview. Not sure who sounds less intelligent-The interviewer or Fred. I think Fred wins by a slight margin on the “dumb” score! If you own Hanover stock, sell it ASAP. Does anything think One Beacon would have sold this business if it was any good?? Does anyone think Fred Eppinger is smarter than Mike Miller? I concur with sips, this company has very weak managment. Buying bad business in a soft market and hiring mediocre people to manage it is seldom a recipe for success. Any present or past employees of One Beacon have an opinion??
My fellow agents are in love with the new Hanover. High Commissions, cheap rates, an 80% “yes” rate on submissions, limited underwriting. There is almost nothing Hanover is not doing these days. Taking any and all classes and taking them cheap. The underwriters are mediocre company castoffs. The old, “best in class” philosophy. This path leads to the Kemper, Royal, Reliance graveyards. Bring some flowers if your are traveling down that road. You’ll want to pay your last respects.
In the Midwest, they’ve hired the best talent available. They’re spending cash with agents like there is no bottom to their bank account. Making noise, writing business, and taking rollovers. Now they’ve got the One Beacon book to renew. Products are awesome. I’m failing to see the dark skies ahead. They’re doing it right.
Hanover seems intent on going after PHLY’s business. The only way they will beat us is to give the business away and pay much more in commission – that is called “buying the business.” I do not know of many examples where that that has worked. We will fight everyday and we will enjoy it and win in the long run. Bring it on!
My experience, from what I’ve seen, is that they’ve been paying big dollars for the best UW’s and managers they can find. Then they hold the bar high and demand results.
Here’s another acquisition:
The Hanover Insurance Group, Inc. (NYSE: THG) today announced that it has entered into a definitive agreement through which it will acquire the Vienna, Virginia-based Campania Group, which specializes in insurance solutions for the healthcare industry.
You’re 100% correct, Thomas. Castoffs, has-beens, misfits, almost all are overpaid and under-talented managers and UW’s from other now-deceased companies. No company can do what they’re doing, in those states, in these market conditions and hope to sustain profitable growth. I’m familiar with some of their new management personnel and they’re just empty suits who will bring Hanover down just like they did in their prior positions.
Gents and Gals. I’m in Minnesota where Hanover stole a top local VP from General Casualty a few years ago. (Cranny) He has Hanover kicking rear-end in the Minneapolis area. Hanover has grown by well over a million dollars in our agency over the past 3 years. And while our agency loves General Casualty too, they haven’t been nearly the same since ol’ Joe has left them. Joe built one heck of a top notch team here in Minnesota.
In our state Hanover seems to be doing eveyrthing right. Just my observation.
In illinois they hired pretty much from Traveler’s. Not too hard to steal from Traveler’s. Who wants to work for Traveler’s? Nobody.
The team that they hired (Jay Scott and others) is very aggressive, especially with money for agents. Lots of advertising and incentives for agents.
With the One Beacon acquisition, this has to be the fast growing carrier in Illinois. Even faster than Indiana. But Hanover is going it the right way, while Indiana is just doing it with sloppy underwriting and pricing.
plain and simple. so many carriers are hurting that they are cutting out the agent, and agency compensation. Hanover is investing in agencies when agencies need help the most. They have leverage and the advantage of building new strong relationships. That alone is going to put them ahead of everyone else and give them the best business on the best terms.
other carriers can deny it. how appropriate that Groundhog Day approaches, because we know a number of carriers that are afraid of their shadows these days. They are focused on 1 year goals and quick fixes instead of the long-term big picture.
Highest commissions – Most aggressive underwriters – cheapest prices – great incentives – more trips – easy to place hard to place business done at really low prices when no one else in the market is smart enough to go there for you. It’s just like Christmas every day. And look what I found under my pillow. All is aglow with the greatness of our new market leader. And this will last forever. C’mon aboard the gravy train, there is still room.
And I have a stock fund I want you to invest in too. Madoff Money Fund. Any takers.
Is anybody hotter than Freddie Eppinger right now? He is rockin’ and rollin’. Kickin’ @SS and takin’ names !
You go Freddie!
Their new financial officer came from AIG; their new head of Specialty Property had a leadership role at Reliance (remember them?); the head of CL product and underwriting came from CNA and St. Paul (where he was president of construction??); the Pres of property/casualty is from St. Paul; the head of the new western region is from St. Paul; they’re looking to buy carriers that are under strain or shrinking (like STP bought USF&G, Kemper, etc – where has STP, etal gone?); they will take expense risk (during a soft market when smart companies are reducing expenses). Fred has assembled a team of real winners here – this turkey should go down in flames pretty quickly.
I challenge anyone to listen to Fred’s interview. Not sure who sounds less intelligent-The interviewer or Fred. I think Fred wins by a slight margin on the “dumb” score! If you own Hanover stock, sell it ASAP. Does anything think One Beacon would have sold this business if it was any good?? Does anyone think Fred Eppinger is smarter than Mike Miller? I concur with sips, this company has very weak managment. Buying bad business in a soft market and hiring mediocre people to manage it is seldom a recipe for success. Any present or past employees of One Beacon have an opinion??
My fellow agents are in love with the new Hanover. High Commissions, cheap rates, an 80% “yes” rate on submissions, limited underwriting. There is almost nothing Hanover is not doing these days. Taking any and all classes and taking them cheap. The underwriters are mediocre company castoffs. The old, “best in class” philosophy. This path leads to the Kemper, Royal, Reliance graveyards. Bring some flowers if your are traveling down that road. You’ll want to pay your last respects.
In the Midwest, they’ve hired the best talent available. They’re spending cash with agents like there is no bottom to their bank account. Making noise, writing business, and taking rollovers. Now they’ve got the One Beacon book to renew. Products are awesome. I’m failing to see the dark skies ahead. They’re doing it right.
Hanover seems intent on going after PHLY’s business. The only way they will beat us is to give the business away and pay much more in commission – that is called “buying the business.” I do not know of many examples where that that has worked. We will fight everyday and we will enjoy it and win in the long run. Bring it on!
My experience, from what I’ve seen, is that they’ve been paying big dollars for the best UW’s and managers they can find. Then they hold the bar high and demand results.
Here’s another acquisition:
The Hanover Insurance Group, Inc. (NYSE: THG) today announced that it has entered into a definitive agreement through which it will acquire the Vienna, Virginia-based Campania Group, which specializes in insurance solutions for the healthcare industry.
You’re 100% correct, Thomas. Castoffs, has-beens, misfits, almost all are overpaid and under-talented managers and UW’s from other now-deceased companies. No company can do what they’re doing, in those states, in these market conditions and hope to sustain profitable growth. I’m familiar with some of their new management personnel and they’re just empty suits who will bring Hanover down just like they did in their prior positions.
Gents and Gals. I’m in Minnesota where Hanover stole a top local VP from General Casualty a few years ago. (Cranny) He has Hanover kicking rear-end in the Minneapolis area. Hanover has grown by well over a million dollars in our agency over the past 3 years. And while our agency loves General Casualty too, they haven’t been nearly the same since ol’ Joe has left them. Joe built one heck of a top notch team here in Minnesota.
In our state Hanover seems to be doing eveyrthing right. Just my observation.
Who is PHLY ? Philadelphia?
Can I ask first, who wants Philadelphia’s business? And second, how tough can it be to take?
In illinois they hired pretty much from Traveler’s. Not too hard to steal from Traveler’s. Who wants to work for Traveler’s? Nobody.
The team that they hired (Jay Scott and others) is very aggressive, especially with money for agents. Lots of advertising and incentives for agents.
With the One Beacon acquisition, this has to be the fast growing carrier in Illinois. Even faster than Indiana. But Hanover is going it the right way, while Indiana is just doing it with sloppy underwriting and pricing.
And not to mention. all of the women in our office are in love with Kyle.
plain and simple. so many carriers are hurting that they are cutting out the agent, and agency compensation. Hanover is investing in agencies when agencies need help the most. They have leverage and the advantage of building new strong relationships. That alone is going to put them ahead of everyone else and give them the best business on the best terms.
other carriers can deny it. how appropriate that Groundhog Day approaches, because we know a number of carriers that are afraid of their shadows these days. They are focused on 1 year goals and quick fixes instead of the long-term big picture.
Highest commissions – Most aggressive underwriters – cheapest prices – great incentives – more trips – easy to place hard to place business done at really low prices when no one else in the market is smart enough to go there for you. It’s just like Christmas every day. And look what I found under my pillow. All is aglow with the greatness of our new market leader. And this will last forever. C’mon aboard the gravy train, there is still room.
And I have a stock fund I want you to invest in too. Madoff Money Fund. Any takers.