Filed Under:Agent Broker, Commercial Business

Nationwide Completes Harleysville Acquisition

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.

Featured Video

Most Recent Videos

Video Library ››

Top Story

3 wise cybersecurity solutions for 2017

Human error is the leading cause of cybercrimes. Businesses may be missing out by not training their own employees in cybersecurity.

Top Story

Top 15 homeowners' insurance carriers for 2016, as ranked by NAIC

Direct premiums written among the top 25 homeowners' insurance providers totaled $91.3 billion in 2016, compared with $89 billion in 2015 and $86.7 billion in 2014.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.