Allmerica Financial Corporation is a non-insurance holding company that operates through Allmerica Financial Life Insurance and Annuity Company, First Allmerica Financial Life Insurance Company, The Hanover Insurance Company, Citizens Insurance Company of America and certain other insurance and non-insurance subsidiaries. The Company offers financial products and services in two major areas, Risk Management and Asset Accumulation. Within these broad areas, the Company conducts business principally in three operating segments: Risk Management, Allmerica Financial Services and Allmerica Asset Management. In addition to the three operating segments, the Company has a Corporate segment that consists primarily of cash, investments, corporate debt, Capital Securities (mandatorily redeemable preferred securities of a subsidiary trust holding solely junior subordinated debentures of the Company) and corporate overhead expenses.