NU Online News Service, May 1, 2:15 p.m. EDT
Columbus, Ohio—based insurer Nationwide Mutual Insurance Co. says it has completed its previously announced agreement to combine with Harleysville Mutual Insurance Co. and Harleysville Group Inc.
Nationwide says that under the agreement Harleysville Mutual policyholders are now policyholders and members of Nationwide Mutual.
Nationwide Mutual acquired all of the publicly held shares of common stock of Harleysville Group for $60.00 per share in cash. Accordingly, Harleysville will file the required documents with the SEC to voluntarily delist Harleysville Group’s publicly traded stock from the NASDAQ.
The total consideration paid to Harleysville Group’s public stockholders in the transaction is approximately $834 million.
Harleysville is now a part of Nationwide’s property and casualty independent agency business unit under the Harleysville brand. In addition, Harleysville’s current headquarters in Harleysville, Penn., will serve as an integral part of the combined company’s national, independent agency-based platform.
Michael Browne, the former president and chief executive officer of Harleysville, is now the president and chief operating officer of Harleysville.
Nationwide says that Allied Insurance and Harleysville Insurance are responsible for Nationwide Mutual's P&C independent agency system. Collectively, Allied, based in Des Moines, Iowa and Harleysville operate in 44 states.