As chief executive of the largest public company in Worcester, John “Jack” Roche is responsible for a major economic engine in Central Massachusetts. With about 1,600 local employees, The Hanover Insurance Group is one of the 20 largest employers in Central Massachusetts. The company contributes $571 million to the region’s economy, including more than $16 million in charitable donations annually, according to a study from the UMass Donahue Institute.
With $5.9 billion in revenue and $35 million in net income, fiscal 2023 was a challenging year, Roche said in an annual report letter to shareholders, given market volatility produced by inflation and severe weather. Yet, by diversifying its specialty business, small commercial business growth, and repositioning its personal lines business, Hanover absorbed the market difficulties.
Beyond the business numbers and strategy, Roche recognizes his role in steering the city’s largest corporate citizen. He pointed to Hanover’s ongoing commitment to revitalization, education, and culture in Worcester as a regular financial supporter and partner in major projects, especially the CitySquare mixed-use downtown, which The Hanover essentially launched more than a decade ago through its investment arm, Opus Investment Management, Inc.
“We are particularly proud of the role our company and our employees play in our community, helping to make our region a great place to live and work,” he said.
To that end, Roche has been aggressive in pursuing an inclusive workplace culture, offering data on workplace diversity for the sake of transparency, and supporting several employee-led groups aimed at fostering equity for women, people of color, and members of the LGBTQIA community. Hanover is regularly recognized as a top workplace by organizations such as Forbes, the Human Rights Campaign, and TIME.
