Companies Hanover Insurance Group, Inc
Hanover Insurance (HNV): executive pay, fiscal 2025
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CEO pay, last three years
- $10,486,571FY2025
CEO total pay was $10,486,571 in fiscal 2025; the brief holds no earlier figure for this CEO.
FY2025: salary $1,138,462 · bonus $0 · stock awards $4,603,557 · option awards $1,400,023
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| John Roche | $1,138,462 | $0 | $4,603,557 | $1,400,023 | $3,220,000 | $0 | $124,529 | $10,486,571 |
| President and CEO | ||||||||
| Jeffrey Farber | 800,385 | 0 | 1,644,128 | 500,033 | 1,521,450 | 0 | 82,536 | 4,548,532 |
| EVP and CFO | ||||||||
| Richard Lavey | 738,461 | 0 | 1,089,699 | 331,281 | 1,312,500 | 0 | 73,369 | 3,545,310 |
| EVP and COO | ||||||||
| Bryan Salvatore | 687,308 | 0 | 945,506 | 287,535 | 1,218,000 | 0 | 64,721 | 3,203,070 |
| EVP and President, Specialty | ||||||||
| Dennis Kerrigan | 613,769 | 0 | 575,710 | 175,026 | 694,400 | 0 | 80,165 | 2,139,070 |
| EVP, CLO and Corporate Secretary | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| John Roche | $10,486,571 | — | — | — |
| Jeffrey Farber | 4,548,532 | — | — | — |
| Richard Lavey | 3,545,310 | — | — | — |
| Bryan Salvatore | 3,203,070 | — | — | — |
| Dennis Kerrigan | 2,139,070 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's compensation philosophy emphasizes 'pay for performance,' tying a significant portion of compensation to overall financial and business objectives to balance risk and reward. It focuses on variable compensation over fixed pay, with a substantial portion of total target compensation in the form of long-term, equity-based awards subject to multi-year vesting requirements to align executive interests with shareholders and promote long-term value creation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensation Advisory Partners LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Dennis Kerrigan | RSU | 1,058 | — | $193,371 |
| Dennis Kerrigan | RSU | 1,104 | — | 201,778 |
| Dennis Kerrigan | PSU | 1,105 | — | 201,961 |
| Dennis Kerrigan | RSU | 1,115 | — | 203,789 |
| Dennis Kerrigan | RSU | 1,213 | — | 221,700 |
| Dennis Kerrigan | PSU | 1,268 | — | 231,752 |
| Dennis Kerrigan | Option | 1,585 | 140.01 | — |
| Bryan Salvatore | RSU | 1,654 | — | 302,302 |
| Bryan Salvatore | RSU | 1,672 | — | 305,591 |
| Dennis Kerrigan | RSU | 1,730 | — | 316,192 |
| Bryan Salvatore | RSU | 1,734 | — | 316,923 |
| Bryan Salvatore | PSU | 1,815 | — | 331,728 |
| Richard Lavey | RSU | 1,857 | — | 339,404 |
| Bryan Salvatore | RSU | 1,863 | — | 340,501 |
| Richard Lavey | RSU | 1,922 | — | 351,284 |
| Bryan Salvatore | PSU | 1,950 | — | 356,402 |
| Richard Lavey | RSU | 2,091 | — | 382,172 |
| Richard Lavey | PSU | 2,091 | — | 382,172 |
| Richard Lavey | RSU | 2,144 | — | 391,859 |
| Richard Lavey | PSU | 2,144 | — | 391,859 |
| Bryan Salvatore | Option | 2,378 | 140.01 | — |
| Bryan Salvatore | RSU | 2,595 | — | 474,288 |
| Richard Lavey | Option | 2,642 | 140.01 | — |
| Richard Lavey | RSU | 2,882 | — | 526,743 |
| Jeffrey Farber | RSU | 3,018 | — | 551,560 |
| Jeffrey Farber | PSU | 3,155 | — | 576,639 |
| Jeffrey Farber | RSU | 3,219 | — | 588,377 |
| Jeffrey Farber | RSU | 3,250 | — | 594,003 |
| Jeffrey Farber | RSU | 3,452 | — | 630,922 |
| Dennis Kerrigan | Option | 3,592 | 134.26 | — |
| Jeffrey Farber | PSU | 3,605 | — | 658,886 |
| Jeffrey Farber | Option | 4,623 | 140.01 | — |
| Dennis Kerrigan | Option | 4,954 | 161.82 | — |
| Jeffrey Farber | RSU | 5,043 | — | 921,709 |
| Bryan Salvatore | Option | 5,526 | 134.26 | — |
| Richard Lavey | Option | 6,078 | 134.26 | — |
| Bryan Salvatore | Option | 8,139 | 161.82 | — |
| John Roche | RSU | 8,450 | — | 1,544,407 |
| John Roche | RSU | 8,452 | — | 1,544,772 |
| John Roche | RSU | 8,540 | — | 1,560,856 |
| John Roche | PSU | 8,834 | — | 1,614,590 |
| John Roche | RSU | 9,320 | — | 1,703,416 |
| Richard Lavey | Option | 9,377 | 161.82 | — |
| John Roche | PSU | 9,743 | — | 1,780,728 |
| Jeffrey Farber | Option | 10,222 | 134.26 | — |
| John Roche | Option | 12,151 | 140.01 | — |
| John Roche | RSU | 13,254 | — | 2,422,434 |
| Jeffrey Farber | Option | 14,154 | 161.82 | — |
| John Roche | Option | 27,625 | 134.26 | — |
| John Roche | Option | 39,629 | 161.82 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Joseph R. RamrathIndependent · Committee of Independent Directors · Nominating and Corporate Governance Committee (Chair) | $130,124 | $159,876 | — | — | $5,000 | $295,000 |
Board fee structure and ownership guideline
| Annual cash retainer | $105,000 |
|---|---|
| Annual equity retainer | $160,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 36,000 / 25,000 / 21,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $130,124 |
| Equity awards (grant-date value) | $159,876 |
| All other compensation | $5,000 |
| Total cost of the board | $295,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Hanover Insurance as a peer
Companies that benchmark against HNV
No companies currently name HNV as a compensation peer in their most recent disclosure.
This is the complete answer, not a partial one — the list is never padded.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Hanover Insurance Group, Inc | 2025 | John Roche | $1,138,462 | $4,603,557 | $1,400,023 | $3,220,000 | $10,486,571 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
No say-on-pay vote is on file for this company.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (8 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, John Roche. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 46. As printed: 10,486,571. View filing ↗
- Section 01, Jeffrey Farber. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 46. As printed: 4,548,532. View filing ↗
- Section 01, Richard Lavey. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 46. As printed: 3,545,310. View filing ↗
- Section 01, Bryan Salvatore. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 46. As printed: 3,203,070. View filing ↗
- Section 01, Dennis Kerrigan. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 46. As printed: 2,139,070. View filing ↗
- Section 08, Joseph R. Ramrath. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 295,000. View filing ↗
- Section 09b board cost (computed). Computed. Cash 130,124 + equity 159,876 + all other 5,000 = 295,000, summed across the director compensation table rows.
- Hanover Insurance Group, Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Hanover Insurance Group, Inc's own proxy. As printed: 10,486,571. View filing ↗