Hanover execs awarded bonuses
Five top executive officers of the Hanover Insurance Group are being paid bonuses for last year that total nearly $3.7 million, according to a report the Worcester-based company filed last week with the U.S. Securities and Exchange Commission.
Directors of the property and casualty insurer last week approved a $1.5 million bonus for President and CEO Frederick H. Eppinger, as well as bonuses for the following:
- Robert A. Stuchbery, president and CEO of the company’s U.K.-based Chaucer unit: $738,816;
- David B. Greenfield, executive vice president and CFO: $645,000;
- J. Kendall Huber, executive vice president and general counsel: $425,000; and
- Andrew S. Robinson, executive vice president of corporate development and president, specialty: $370,000.
Earlier this month, Hanover posted gains in net and operating income for the fourth quarter of 2013 over the same quarter in 2012 thanks to strong price increases in both commercial and personal lines, the company said. Its net income for all of 2013 was $251 million, up nearly $56 million from 2012. In the fourth quarter, it turned it a net profit of $70.1 million, compared to a net loss of $55 million in the fourth quarter of 2012, which followed losses from claims after Hurricane Sandy.
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