Good Timing: The Hanover Gave New General Counsel Months to Learn and Plan
"The office of general counsel is resilient, and we look forward to emerging from the current situation stronger as a team and more agile than ever before," said Dennis Kerrigan, The Hanover's new general counsel.
April 06, 2020 at 04:41 PM
4 minute read
In what now seems like a prescient move, the Hanover Insurance Group Inc. earlier this year brought on Dennis Kerrigan as deputy general counsel to begin transitioning into the general counsel's job before the coronavirus changed the way America works.
"I'm glad to have started my transition several months ago," Kerrigan told Corporate Counsel on Monday. The move "provided a great opportunity to better understand the strengths and capabilities of our legal and compliance team, which has now migrated to an almost virtual working environment smoothly and efficiently."
Kerrigan, who began his new role April 1, added, "Much like our entire company, the office of general counsel is resilient, and we look forward to emerging from the current situation stronger as a team and more agile than ever before." The Hanover is one of the largest insurance businesses in the U.S.
Before joining the company in Worcester, Massachusetts, Kerrigan served 11 years as general counsel for another insurance firm, Zurich North America. At the same time, he also served two and a half years as board chairman of the Global Business Alliance, an international trade association based in Washington, D.C.
He previously was a partner at Dewey & LeBoeuf, where he served 11 years; and an associate attorney at Robinson & Cole in Hartford, Connecticut, for four years. Kerrigan earned his law degree from The College of William and Mary Marshall-Wythe Law School.
John Roche, president and chief executive officer at The Hanover, said in a statement, "Dennis is an experienced leader with an extensive background in both legal affairs and the property and casualty insurance business. His deep knowledge of our industry and proven leadership abilities make him an excellent addition to our company."
Kerrigan succeeds J. Kendall Huber, who retired this month after 20 years in the GC role. Huber earned nearly $2 million in compensation for 2019, according to company financial statements. He also holds various amounts of Hanover stock and has nearly $813,000 in a company retirement savings plan.
"On behalf of everyone at The Hanover, I want to thank Jay for his many years of outstanding service," Roche's statement said. "Jay is a dynamic and trusted leader, thoughtful adviser and committed mentor. His mark can be seen in the many invaluable contributions he has made to our organization over the years."
To further aid the transition, Huber agreed to be available to the company as an adviser until July 31, according to a March 27 filing with the U.S. Securities and Exchange Commission. Huber will be paid $37,500.
In Huber's termination agreement, Roche praised the retiring general counsel profusely for his leadership.
"You were a constant and steadying force during our incredible transformation over the past 20 years," the CEO said. "Indeed, you helped to guide us through many challenges faced by our company, including the time period when we were without a CEO, through Hurricane Katrina, the financial crisis in 2008 and 2009, and of course the transformative purchase [in 2011] and sale of Chaucer."
Chaucer Holdings Ltd., a Lloyd's international specialty insurance business, was sold in late 2018 to China Reinsurance Group Corp. for $950 million. The sale allowed Hanover to focus on and grow its domestic business.
Roche added, "While we look forward to the future under new leadership in the [general counsel's office], we will greatly miss your commitment, passion, sober and thoughtful counsel, professionalism and strategic insight."
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