The Hanover Enhances Life Sciences Solutions

Rhea-AI Summary

The Hanover Insurance Group (NYSE: THG) has announced a significant expansion of its Business Owner's Advantage product to serve a broader range of life sciences organizations. The enhanced offering specifically targets early-stage and smaller businesses in the life sciences sector, complementing their existing coverage for mid-size operations.

The expanded product, available through The Agency Place (TAP) Sales platform, now covers over 15 new classes of life sciences organizations, including medical device manufacturers, contract research organizations, digital health companies, and pharmaceutical firms. Key features include tailored coverage enhancements, streamlined digital experience, and expanded class eligibility, all supported by specialized underwriters.

Positive

• Expansion to serve over 15 new classes of life sciences organizations
• Streamlined single-carrier approach for both core and specialty coverages
• Enhanced digital platform for efficient quoting and issuing
• Specialized underwriting support for life sciences sector

Negative

• None.

Insights

Insurance Industry Analyst

THG's enhanced life sciences insurance offering expands their market reach to early-stage companies, potentially driving incremental premium growth.

The Hanover's expansion of its Business Owner's Advantage product represents a strategic move to capture market share in the growing life sciences insurance segment. By adding over 15 new classes of life sciences organizations to their coverage eligibility, including medical device manufacturers, contract research organizations, digital health companies, and pharmaceutical firms, THG is positioning itself to serve clients across the entire growth spectrum—from early R&D startups to established mid-size operations.

The company's digital-first approach through their TAP Sales platform creates operational efficiency for both The Hanover and their agent partners, potentially reducing acquisition costs while accelerating policy issuance. This streamlined approach to both core and specialty coverages creates a compelling single-carrier solution that could strengthen agent loyalty and increase policy retention rates.

What's particularly notable is the company's focus on creating an insurance growth path for their clients. By designing coverage that can evolve alongside client businesses, The Hanover is implementing a land-and-expand strategy that could generate higher lifetime customer value. Their Hanover Fusion product, which bundles multiple liability coverages on a unified form, further enhances this value proposition by simplifying coverage for complex risks.

The timing aligns with growing demand for specialized insurance products in the life sciences sector, which faces unique regulatory, product liability, and intellectual property challenges. By developing tailored endorsements for these specific exposures, The Hanover is creating differentiation in what has historically been an underserved market segment for comprehensive, customized coverage.

The company offers an expanded suite of capabilities to meet the evolving needs of the life sciences industry

WORCESTER, Mass., Aug. 26, 2025 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) announced today the expansion of its Business Owner's Advantage product to meet the needs of a broader range of life sciences organizations. The new offering is designed specifically for early-stage and smaller businesses in the industry, providing tailored coverage that addresses their evolving risks. This expansion builds on The Hanover's existing capabilities for more complex, mid-size life sciences operations, reinforcing the company's commitment to supporting organizations at every stage of growth.

Available through The Agency Place (TAP) Sales, the company's online quoting and issuance platform, Business Owner's Advantage offers a streamlined, single-carrier approach to writing both core and specialty coverages. With over 15 new classes of life sciences organizations now available, including medical device manufacturers, contract research organizations, digital health companies and pharmaceutical firms, this expansion enables The Hanover's agent partners to offer coverage that evolves with their customers' needs.

"This expansion reflects our commitment to supporting specialized small businesses with tailored insurance solutions," said Charles F. Hamann, president, small commercial at The Hanover. "Our enhanced offering helps smaller firms – including those still in the research and development phase – navigate evolving risks with the protection and flexibility they need to thrive."

Key features of the product include:

• Tailored coverage enhancements: Specialized property and general liability endorsements that meet the unique exposures of life sciences organizations
• Streamlined digital experience: Fast and efficient online quoting and issuing through TAP Sales
• Expanded class eligibility: Designed for early-stage and smaller life sciences organizations, with support and consultation from dedicated specialized underwriters

"The life sciences sector evolves at a rapid pace, and organizations are facing increasingly sophisticated risks," said Toni E. Mitchell, president, technology and life sciences at The Hanover. "With this expansion, we're equipping our agent partners with the tools and expertise needed to deliver meaningful protection and guidance to their clients, helping these businesses to stay focused on advancing innovation while we help safeguard their progress."

This latest investment enables independent insurance agents to offer their clients a competitive, holistic insurance solution that can evolve with their businesses – a demonstration of The Hanover's account-oriented approach for life sciences businesses. At the heart of this strategy is Hanover Fusion, the company's flagship product that delivers multi-line liability coverage, including products-completed operations, errors and omissions, and cyber liability, all on one unified form.

For more information about The Hanover's life sciences offering, please visit hanover.com.

About The Hanover

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.

Media contacts:
Abby C. Ursoleo	Emily P. Trevallion
aursoleo@hanover.com	etrevallion@hanover.com
508-855-3549	508-855-3263

All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage.

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SOURCE The Hanover Insurance Group, Inc.

FAQ

What new insurance coverage did The Hanover (THG) announce for life sciences companies?

The Hanover announced an expansion of its Business Owner's Advantage product, now covering over 15 new classes of life sciences organizations, including medical device manufacturers, contract research organizations, digital health companies, and pharmaceutical firms.

What types of life sciences companies does The Hanover's expanded insurance coverage target?

The expanded coverage specifically targets early-stage and smaller businesses in the life sciences sector, while complementing existing coverage for mid-size operations.

What are the key features of The Hanover's enhanced life sciences insurance offering?

Key features include tailored coverage enhancements for specialized property and general liability, streamlined digital experience through TAP Sales platform, and expanded class eligibility with dedicated specialized underwriters.

How does The Hanover's Fusion product integrate with their life sciences coverage?

Hanover Fusion serves as the company's flagship product, delivering multi-line liability coverage including products-completed operations, errors and omissions, and cyber liability on a unified form.