Hanover Stone launches practice to aid senior execs with strategy

Hanover Stone Solutions L.L.C. said Wednesday it has established a practice to help senior insurance company executives with strategic planning.

Senior advisers Donna Galer and Joanne Stone Morrisey will work with insurance executives to capitalize on their company’s key opportunities for growth and sustainability, the Charleston, South Carolina-based insurance advisory firm said in a statement.

Ms. Galer said in a statement that insurance regulators and rating agencies typically inquire about an insurance company’s strategy as part of their assessments, which may give insurers that can provide a clear and well-communicated strategy a competitive advantage. She added that each team member has years of experience in insurance company strategic planning and enterprise risk management.

A typical strategy engagement may span six to eight weeks, including a one- or two-day strategy workshop. Team members collaborate with the client on the analytics for workshop participants, facilitate the workshop and document outcomes.