Life Insurance Quotes

Nationwide announces merger with Harleysville Mutual Insurance

09/30/11

According to the Norristown and Montgomery County Times Herald, the Harleysville and Nationwide Mutual Insurance Companies recently announced that they will merge. Company officials said that the merger will place the newly formed organizations in good standing for potential growth, with over $16 billion in direct premiums annually.

The agreement outlines the changes, which will see Harleysville Mutual, along with its subsidiary, Harleyville Group absorbed into Nationwide Mutual. Harleysville stock will be cashed out at about $60 per share, according to the source.

Both companies hope that the merger will improve their stake in the insurance market. Maintaining a presence under the Harleyville brand, the Harleyville Company will maintain its trusted network of independent agencies, adding its expertise and experience to a nationally recognized company.

"This combination brings together two best-in-class companies that share a mutual heritage and a focus on meeting the long-term needs of our policyholders," said Steve Rasmussen, Chief Executive Officer of Nationwide.

According to a 2010 LIMRA study, life insurance ownership has seen record lows in the wake of the economic downturn, with only one in three Americans covered by a life insurance policy. Many life insurance companies are working hard to adapt to what is an evolving market and consumer base, and both Nationwide and Harleyville hope they can pool their efforts to create a strong product line. 

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