Hanover Insurance Group is a U.S. P&C insurer that sells commercial and personal insurance exclusively through independent agents and brokers — it does not sell direct or through captive agents. Hanover's business spans three segments: Personal Lines (~41% of net premiums written), Core Commercial (~36%), and Specialty (~23%). Personal Lines covers personal auto and homeowners insurance, where Hanover focuses on bundling both products for the same customer (the "account" strategy), targeting preferred-risk customers. Core Commercial serves small and mid-sized businesses through two sub-segments: Small Commercial (policies up to $50K annually, supported by its TAP Sales quoting platform) and Middle Market (policies up to $500K, focused on specific industry verticals). Specialty covers professional liability, marine, E&S, and surety lines, distributed through retail and wholesale agents. Hanover makes money the same way most P&C insurers do — collect premiums, invest the float, pay claims later. Underwriting profitability is measured by the combined ratio, and Hanover targets an ex-catastrophe combined ratio in the high 80s. Investment income is a meaningful second earnings driver, with ~$11.5B in largely investment-grade fixed income assets. Hanover's growth priorities include diversifying Personal Lines away from its Michigan and Massachusetts concentration, expanding Small Commercial nationally, and scaling Specialty. Hanover has raised its dividend for 21 consecutive years and actively repurchases shares.