WORCESTER, Mass., Aug. 10 /PRNewswire-FirstCall/ -- The Hanover Insurance
Group, Inc. (NYSE: THG), a leading super regional property and casualty
company, today announced the availability of Employee Retirement Income
Security Act (ERISA) bonds through the company's online point-of-sale system,
BONDirect. The federal government's ERISA bonds protect employee benefit plans
against losses caused by fraud and dishonesty committed by employee trustees.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051031/NEM023LOGO )
The Hanover's introduction of ERISA bonds online reinforces the company's
dedication to investing in a total solution for commercial clients that is
supported by world class products and services. And, using BONDirect allows
agent partners to rate, quote and issue ERISA bonds within minutes -- instead
of hours.
"Independent agents very often are faced with a time-consuming, paper-
intensive process when securing ERISA bonds for their clients," said Stephen
Brault, assistant vice president of fidelity bonds at The Hanover. "To address
that challenge, we have developed one of the most user-friendly, web-based,
transactional tools on the market, helping our valued agent partners save time
and money."
The ERISA Act requires every fiduciary of an employee benefit plan and
every person who manages funds or other property of such a plan to be bonded
with specific coverage limits.
Accessed through The Hanover's convenient portal, The Agency Place (TAP),
BONDirect also enables key agent partners to quote, issue and print a variety
of commercial surety bond business online. To further minimize paperwork for
agents, BONDirect also enables clients to be billed directly for cancelable
bonds purchased through the system.
The Hanover is one of the oldest bond markets in the country and offers a
wide range of fidelity and surety products that are supported by local bond
experts and underwriting centers.
About The Hanover
The Hanover Insurance Group, Inc. (NYSE: THG), based in Worcester, Mass.,
is the holding company for a group of insurers that includes The Hanover
Insurance Company, also based in Worcester; Citizens Insurance Company of
America, headquartered in Howell, Mich., and their affiliates. The Hanover
offers a wide range of property and casualty products and services to
individuals, families and businesses through an extensive network of
independent agents, and has been meeting its obligations to its agent partners
and their customers for more than 150 years. Taken as a group, The Hanover
ranks among the top 40 property and casualty insurers in the United States.
CONTACTS:
Investor Relations Media Relations
Sujata MutalikAmy Lynn Baneksmutalik@hanover.comabanek@hanover.com
(508) 855-3457 (508) 855-4486
SOURCE The Hanover Insurance Group, Inc.
Contact: Investor Relations: Sujata Mutalik, +1-508-855-3457, smutalik@hanover.com, or Media Relations: Amy Lynn Banek, +1-508-855-4486, abanek@hanover.com, both of The Hanover Insurance Group, Inc.