The Hanover elects board vice chair

The Hanover Insurance Group has elected Cynthia Egan as vice chair of the company's board of directors. In addition, Martin Hughes has been elected to the board and Michael Price has resigned as a director of the board for personal reasons, effective at the company's annual meeting of shareholders, to be held May 12, 2020.

Egan was elected vice chair with the expectation she will become board chair in May 2021, following the mandatory retirement of current board chair P. Kevin Condron, in accordance with board policy.

"Cynthia has served our board and our company with distinction since 2015," said Condron. "Her election as vice chair is a reflection of the confidence our board has in her and is intended to ensure a smooth and orderly transition to a new independent chair."

Egan was president of retirement plan services for T. Rowe Price Group, a global investment management organisation, from 2007 until her retirement in 2012. Before joining T. Rowe Price, she held senior positions with Fidelity Investments, a multinational financial services corporation, from 1989 to 2007, including executive vice president, head of Fidelity's Institutional Services Company, president of the Fidelity Charitable Gift Fund, and executive vice president of Fidelity Management Research Co. Egan is a director of UNUM Corporation and the BlackRock Fixed Income Funds Complex, as well as chair of the board of visitors of the University of Maryland School of Medicine.

Hughes has more than 40 years of experience in the insurance brokerage industry. He currently serves as non-executive chair of the board of directors of HUB International, a privately held insurance brokerage firm that provides an array of property, casualty, risk management, life and health, employee benefits, investment, and wealth management products and services across North America.

"Marty is a highly experienced insurance executive with a broad and deep understanding of our business and an impressive record of accomplishment," said Condron. "He brings a unique perspective, formed through his experiences on the front lines of our business and ultimately as the leader of one of our industry's largest and most successful brokerage firms. We are pleased to have Marty join our board."

Hughes began his career in 1973 as a producer at Mack and Parker, an independent insurance agency (now part of HUB), where he later served as president from 1990 to 1999, and as chair from 1999 to 2001. He subsequently rose to the position of chair and chief executive officer of HUB International, serving in that capacity from 1999 to 2018, including while it was a public, New York Stock Exchange-listed company, before its sale to private investors. He also has served as chair of both the Council of Insurance Agents & Brokers, an association of commercial insurance and employee benefits intermediaries, as well as Assurex Global, a worldwide insurance services organisation.