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Hanover Insurance Group Executive Compensation (FY25)

THG · Worcester, MA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
John Roche
Latest say-on-pay support
=
May 12, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 17, 2026Latest filing (8-K): May 13, 2026
13 filings cited on this page
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405 figures on this page: 395 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on Hanover Insurance Group

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — John Roche: $9,550,596 → $10,486,571 (9.8% higher)
Say-on-pay support: 97.5% → 98.5% (1.0 points higher)
CEO pay ratio: 76:1 → 85:1 (11.8% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Hanover Insurance Group's chief executive and what were they paid?
Total compensation for John Roche, President and CEO, came to $10,486,571 in fiscal 2025. Roche's total was 9.8% higher than the $9,550,596 reported for fiscal 2024.
What was Hanover Insurance Group's say-on-pay result?
The say-on-pay proposal drew 98.5% of votes cast for or against in favor at the meeting held May 12, 2026 for fiscal 2025.
Which companies are in Hanover Insurance Group's peer group?
Companies named in the disclosed peer group include American Financial Group, Inc., AXIS Capital Holdings Limited, Cincinnati Financial Corporation, CNA Financial Corporation and Kemper Corporation, among others. The additional disclosed peer group names American Financial Group, Inc., AXIS Capital Holdings Limited, Cincinnati Financial Corporation, CNA Financial Corporation and Kemper Corporation, among others. Companies named in the RTSR PBRSU Comparison Group include American International Group, Inc., Donegal Group Inc., Horace Mann Educators Corporation, James River Group Holdings, Inc. and ProAssurance Corporation, among others.
What is Hanover Insurance Group's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 85:1, against median employee compensation of $124,142.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Roche
President and Chief Executive Officer
◇—◇◇◇—◇◇
Jeffrey Farber
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Richard Lavey
Executive Vice President, President Hanover Agency Markets
◇—◇◇◇—◇◇
Bryan Salvatore
Executive Vice President, President Specialty
◇—◇◇◇—◇◇
Dennis Kerrigan
Executive Vice President, Chief Legal Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Roche
President and CEO
◇—◇◇◇—◇◇
Jeffrey Farber
EVP and CFO
◇—◇◇◇—◇◇
Richard Lavey
EVP and President, Hanover Agency Markets
◇—◇◇◇—◇◇
Bryan Salvatore
EVP and President, Specialty
◇—◇◇◇—◇◇
Dennis Kerrigan
EVP and Chief Legal Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Roche
President and CEO
◇—◇◇◇—◇◇
Jeffrey Farber
EVP and CFO
◇—◇◇◇—◇◇
Richard Lavey
EVP and COO
◇—◇◇◇—◇◇
Bryan Salvatore
EVP and President, Specialty
◇—◇◇◇—◇◇
Dennis Kerrigan
EVP, CLO and Corporate Secretary
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Roche
President and CEO
◇—◇◇◇—◇◇
Jeffrey Farber
EVP and CFO
◇—◇◇◇—◇◇
Richard Lavey
EVP and COO
◇—◇◇◇—◇◇
Bryan Salvatore
EVP and President, Specialty
◇—◇◇◇—◇◇
Dennis Kerrigan
EVP, CLO and Corporate Secretary
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bryan J. SalvatorePSU◇◇◇—◇—◇
Bryan J. SalvatorePSU◇◇◇—◇—◇
Bryan J. SalvatoreRSU◇——◇——◇
Bryan J. SalvatoreOPTION◇——◇—◇◇
Dennis F. KerriganPSU◇◇◇—◇—◇
Dennis F. KerriganPSU◇◇◇—◇—◇
Dennis F. KerriganRSU◇——◇——◇
Dennis F. KerriganOPTION◇——◇—◇◇
Jeffrey M. FarberRSU◇——◇——◇
Jeffrey M. FarberPSU◇◇◇—◇—◇
Jeffrey M. FarberPSU◇◇◇—◇—◇
Jeffrey M. FarberOPTION◇——◇—◇◇
John C. RochePSU◇◇◇—◇—◇
John C. RochePSU◇◇◇—◇—◇
John C. RocheRSU◇——◇——◇
John C. RocheOPTION◇——◇—◇◇
Richard W. LaveyRSU◇——◇——◇
Richard W. LaveyPSU◇◇◇—◇—◇
Richard W. LaveyPSU◇◇◇—◇—◇
Richard W. LaveyOPTION◇——◇—◇◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Bryan SalvatoreOption◇—◇2/25/25
RSU◇◇——
RSU◇◇——
Option◇—◇2/25/35
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇2/25/25
Richard LaveyRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Option◇—◇2/25/35
RSU◇◇——
PSU◇◇——
Option◇—◇2/27/34
Option◇—◇2/27/33
RSU◇◇——
Jeffrey FarberRSU◇◇——
Option◇—◇2/25/25
RSU◇◇——
RSU◇◇——
PSU◇◇——
Option◇—◇2/25/25
RSU◇◇——
RSU◇◇——
Option◇—◇2/27/24
PSU◇◇——
Dennis KerriganOption◇—◇2/27/24
PSU◇◇——
RSU◇◇——
Option◇—◇2/27/24
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇2/25/25
PSU◇◇——
RSU◇◇——
John RocheRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Option◇—◇2/25/25
RSU◇◇——
Option◇—◇2/25/35
Option◇—◇2/27/34
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Jeffrey Farber
EVP and CFO · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
John Roche
President and CEO · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Richard Lavey
EVP and COO · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Cynthia L. Egan
Board chair
◇◇———◇◇
Jane D. Carlin
◇◇————◇
J. Paul Condrin III
◇◇———◇◇
Joseph R. Ramrath
◇◇———◇◇
William E. Donnell
◇◇———◇◇
Kathleen S. Lane
◇◇———◇◇
Elizabeth A. Ward
◇◇————◇
Theodore H. Bunting, Jr
◇◇————◇
Kevin J. Bradicich
◇◇————◇
Francisco A. Aristeguieta
◇◇————◇
John C. Roche served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Financial Group, Inc. AFG
  • AXIS Capital Holdings Limited AXS
  • Cincinnati Financial Corporation CINF
  • CNA Financial Corporation CNA
  • Kemper Corporation KMPR
  • Markel Group Inc. MKL
  • Mercury General Corporation MCY
  • Old Republic International Corporation ORI
  • Selective Insurance Group, Inc. SIGI
  • The Hartford Insurance Group, Inc. HIG
  • W.R. Berkley Corporation WRB
Additional disclosed peer group
  • American Financial Group, Inc. AFG
  • AXIS Capital Holdings Limited AXS
  • Cincinnati Financial Corporation CINF
  • CNA Financial Corporation CNA
  • Kemper Corporation KMPR
  • Markel Group Inc. MKL
  • Mercury General Corporation MCY
  • Old Republic International Corporation ORI
  • Selective Insurance Group, Inc. SIGI
  • The Hartford Insurance Group, Inc. HIG
  • W.R. Berkley Corporation WRB
RTSR PBRSU Comparison Group
  • American International Group, Inc. AIG
  • Donegal Group Inc. DONE
  • Horace Mann Educators Corporation HMN
  • James River Group Holdings, Inc. JRVR
  • ProAssurance Corporation PRA
  • RLI Corp. RLI
  • Safety Insurance Group, Inc. SAF
  • The Allstate Corporation ALL
  • The Travelers Companies, Inc. TRV
  • United Fire Group Inc. UFG

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 12, 2026=◇◇◇
2024May 13, 2025=◇◇◇
2023May 14, 2024=◇◇◇
2022May 9, 2023=◇◇◇
2021May 10, 2022=◇◇◇
2020May 11, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 14, 2019=◇◇◇
2017May 15, 2018=◇◇◇
2016May 16, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- John Roche (President and CEO), FY2025 total compensation $10,486,571 (base salary $1,138,462) [exec_comp, SEC accession 0001193125-26-125009, filed 2026-03-26]

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What this page does not include

Everything above is a fact Hanover Insurance Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Hanover Insurance Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
405 figures on this page: 395 cited to the filing that reported them, 10 calculated from figures it prints.
395 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001193125-26-221636
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-125009
    CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation · Grants of Plan-Based Awards in Last Fiscal Year · and 2 more sections
  3. 0000950170-25-071460
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000950170-24-061064
  5. 0000950170-24-037586
    Summary Compensation Table
  6. 0000950170-23-019741
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001564590-23-004285
    Summary Compensation Table
  8. 0001564590-22-019390
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001564590-21-026587
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001564590-20-025272
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001564590-19-019619
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001564590-18-013771
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000944695-17-000069
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Hanover Insurance Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/THG (accessed 2026).
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13 filings cited on this page
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Hanover Insurance Group discloses

The companies named in THG's own disclosed peer group.

American Financial Group, Inc.AXIS Capital Holdings LimitedCincinnati Financial CorporationCNA Financial CorporationKemper CorporationMarkel Group Inc.Mercury General CorporationOld Republic International CorporationSelective Insurance Group, Inc.The Hartford Insurance Group, Inc.W.R. Berkley CorporationAmerican International Group, Inc.Horace Mann Educators CorporationJames River Group Holdings, Inc.ProAssurance CorporationRLI Corp.The Allstate CorporationThe Travelers Companies, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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