Hanover Cutting More Than 150 Jobs

WORCESTER, MA—Hanover Insurance Group, which employs about 5,000 and is headquartered in Worcester, is cutting roughly 160 jobs, the company announced in an earnings statement on Aug. 2.

The cuts are expected to contribute to a savings of approximately $30 million in personnel-related costs.
The layoffs were announced as Hanover reported a net income of $78.2 million in the second quarter.
"We also advanced our Hanover 2021 strategy in the quarter," CEO Joseph Zubretsky said in the statement. "We realigned our leadership team, expanded Chaucer's capabilities globally, and accelerated our margin expansion strategy through announced cost actions. These initiatives are critical to our success. They sharpen our organizational focus, broaden our business capabilities, and create financial flexibility that enables us to reinvest in our business and increase shareholder returns."

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