WORCESTER, Mass., May 13, 2011 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG), a leading provider of property and casualty insurance products nationwide, has reinforced its commitment to the technology marketplace, announcing that it sponsored the Massachusetts Institute of Technology's $100k Entrepreneurship Competition as it also continues to build its team of technology insurance experts.
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As a leading provider of insurance solutions for small and mid-sized technology businesses, The Hanover is pleased to support this prestigious competition, which promotes entrepreneurship and innovation, and ultimately produces new technology companies.
Now in its 21st year, the "MIT $100K" is widely regarded as the world's premier entrepreneurship competition. In fact, the Massachusetts Institute of Technology is firmly established as one of the world's most productive economic engines. World-wide, more than 25,800 active companies were founded by MIT alumni, representing more than 3.3 million jobs, with total revenues of more than $2 trillion.
"We are thrilled to partner with MIT as a Gold sponsor of the 'MIT $100K,' which fosters technology and business innovation," said Toby Levy, technology practice leader for The Hanover. "This sponsorship demonstrates The Hanover's strong commitment to education and innovation. While innovation comes with risks, The Hanover has solutions. That's why Hanover's in-depth knowledge of the technology industry is critical to helping tech companies, start-up to large multi-national companies, manage their unique risks and exposures."
Protecting Technology Companies Against Risk
The Hanover Technology Advantage is a comprehensive coverage and risk management solution tailored to meet the diverse needs of the technology sector. The customizable solution includes:
- Three different options for technology professional liability coverage, including a form designed specifically for start-ups and first time buyers. Not all technology companies are the same and their needs evolve over time. That's why a one-size fits all approach doesn't work.
- Proprietary General Liability and Property classifications, rates and forms. Carriers that don't specialize in technology often rely on industry-based products which are often inappropriate or inadequate.
- A total account solution. In addition to professional liability, general liability, property, workers compensation, automobile and umbrella, technology companies have other important coverage needs, such as directors and officer's liability, employment practices liability, crime, marine and more.
- A worldwide approach. Technology companies, even start-ups, often operate internationally and need to make sure they are appropriately protected. The Hanover provides the ability to meet these needs through our proprietary products, where appropriate, and/or a network of relationships overseas.
Industry Expertise
To further demonstrate its commitment to the technology sector, The Hanover has built one of the industry's best teams of technology experts, led by Toby Levy. A 24-year veteran of the insurance industry, Levy previously spent 14 years at The Hartford Insurance Group, where he was instrumental in the development, launch and management of the company's technology practice. Additionally, Jeannie Olson, another 24-year veteran, has joined The Hanover to lead the company's Technology underwriting and product development efforts. Prior to joining Hanover, Jeannie worked for St Paul, Chubb and One Beacon.
The company has also added four regional technology directors: Steve Walsh, Northeast Region; Daniele Livermon, Southeast Region; Cara Forman, Western Region; and Nick Paschal, Midwest and Central regions. They join Will Lannuier and Aundrea Tyree who are responsible for Hanover's small business technology offering. All together, The Hanover Tech leadership team has over 150 years of combined underwriting experience.
Agents interested in more detail should contact one of The Hanover's local branch offices or visit the Agent section of the company's web site at www.hanover.com.
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, Michigan, and their affiliates.
The Hanover offers a wide range of property and casualty products and services to businesses, individuals, and families through a select group of independent agents. The company is ranked among the top 25 property and casualty insurers in the United States and has been meeting its obligations to its agent partners and their customers for nearly 160 years. The Hanover maintains excellent ratings from A.M. Best, Standard & Poor's and Moody's. For more information, please visit www.hanover.com.
For more information on the MIT $100K Entrepreneurship Competition visit www.mit100k.org/
SOURCE The Hanover Insurance Group, Inc.