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Regional US property-casualty insurer selling personal and commercial insurance through independent agents.
Regional US property-casualty insurer selling personal and commercial insurance through independent agents.
Sells only through independent agents who also place business with rivals, so it pays commissions and competes on service to keep their loyalty. Earns underwriting profit (premiums less claims and expenses) plus investment income on the premium pool.
Moat: narrow (distribution, brand). Deep independent-agent relationships in core regional markets built over many decades.
Headquarters: Worcester, Massachusetts, United States · Founded: 1852 · Employees: 4,900
Size Hanover Insurance (THG) is a United States Financials company (Property/Casualty Insurance) with a market value of $8.35B, the 866th largest of 3,117 United States companies the cockpit tracks. Shares closed at $242.90 on 6 Nov 2026.
Performance Over six months the shares gained 28.4%, against +17.3% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +3.7%); the operating margin is 14.7% (peer median 15.0%).
Valuation It trades at 2.43× book value against a peer median of 1.97× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 11.2%; Hanover Insurance delivers 21.8%, so the price asks less than the business earns today.
Credit Hanover Insurance has 2 bonds outstanding ($800M), rated BBB by the agencies and trading like BBB at a weighted spread of 106 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.83B | $6.59B | $6.24B | $5.99B | $5.47B |
| Revenue growth | — | +6% | +4% | +10% | — |
| Net income | $750M | $662M | $426M | $35.3M | $116M |
| Free cash flow | $1.22B | $1.17B | $796M | $350M | $704M |
| Capital expenditure | $9.40M | $7.70M | $10.2M | $11.9M | $17.8M |
| Total debt | $844M | $1.22B | $784M | $783M | $782M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Hanover Insurance THG | $8.35B | +28% | +5% | 22% | 2.43× | 11.2% |
| Travelers Companies (The) TRV | $81.0B | +33% | +1% | 28% | 2.79× | 13.9% |
| Cincinnati Financial CINF | $28.5B | +15% | +10% | 17% | 1.76× | 10.6% |
| Selective Insurance SIGI | $5.87B | +17% | +4% | 15% | 1.81× | 9.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +9.4% | 11th highest of 21 |
| 6-month return | +28.4% | +17.3% | 5th highest of 21 |
| Return on equity | 21.8% | 14.4% | 8th highest of 21 |
| Price / book | 2.43× | 1.97× | 10th most expensive of 21 |
| Trailing P/E | 11.6× | 14.1× | 6th cheapest of 19 |
| ROE the price implies | 11.2% | 11.4% | 11th least demanding of 21 |
| ROE delivered | 21.8% | 14.0% | 8th highest of 20 |
| Bond spread | 106 bp | 108 bp | 5th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Hanover Insurance THG | United States | $8.35B | +28% | +5% | 22% | 2.43× | 11.2% | 21.8% |
| Scor SCR.PA | France | $6.96B | +10% | -4% | 19% | 1.44× | 9.8% | 18.8% |
| Definity Financial DFY.TO | Canada | $6.47B | +14% | +35% | 12% | 2.13× | 7.6% | 11.7% |
| Hagerty HGTY | United States | $6.18B | +79% | +1% | 5% | 8.42× | 53.7% | 4.6% |
| Selective Insurance SIGI | United States | $5.87B | +17% | +4% | 15% | 1.81× | 9.1% | 14.7% |
| MGIC Investment MTG | United States | $5.87B | +7% | -2% | 14% | 1.18× | 8.9% | 13.9% |
| Erie Indemnity ERIE | United States | $12.7B | +26% | +2% | 24% | 4.98× | 19.7% | 23.7% |
| American Financial AFG | United States | $12.8B | +18% | +3% | 18% | 2.67× | 15.1% | n/a |
| RenaissanceRe RNR | United States | $14.0B | +16% | -21% | 13% | 1.34× | 7.5% | 13.4% |
| Insurance Australia IAG.AX | Australia | $14.4B | +17% | +9% | 14% | 2.87× | 13.1% | 14.0% |
| Assurant AIZ | United States | $15.1B | +29% | +9% | 44% | 2.60× | 14.6% | 44.2% |
| Everest EG | United States | $15.2B | +18% | -9% | 13% | 1.08× | 6.6% | 12.8% |
| Mercury General MCY | United States | $4.58B | -17% | +5% | 26% | 1.63× | 13.7% | 25.5% |
| Accelerant ARX | United States | $4.32B | +19% | +55% | -380% | 6.01× | 23.2% | -380.1% |
| Admiral ADM.L | United Kingdom | $16.1B | +23% | 0% | 46% | 8.04× | 33.5% | 45.6% |
| Protector Forsikring PROT.OL | Norway | $4.19B | +4% | +12% | 35% | 5.34× | 18.1% | 35.2% |
| Palomar PLMR | United States | $4.10B | +37% | +60% | 22% | 4.16× | 17.0% | 22.2% |
| SamsungF&MIns 000810.KS | South Korea | $17.2B | +31% | +5% | 8% | 0.71× | 4.8% | 8.1% |
| Loews L | United States | $22.2B | +5% | +3% | 8% | 1.22× | 8.3% | 8.1% |
| SiriusPoint SPNT | United States | $3.06B | +12% | +23% | 23% | 1.34× | 9.5% | 23.1% |
| Markel MKL | United States | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% | 9.6% |
Hanover Insurance has 2 bonds outstanding with $800M face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.77%, a spread of 106 bp over government bonds.