COLUMBUS – Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor announced today that the Department has approved the merger of Harleysville Mutual into Ohio-domiciled Nationwide Mutual.
“The Ohio Department of Insurance conducted a thorough review of the petition for merger jointly filed by both companies,” Taylor said. “We have determined the transaction is equitable to policyholders while protecting the competitive balance of the marketplace.”
The merger has already been approved by the Board of Directors and policyholders of each company, as well as by the Pennsylvania Insurance Department, home to the acquired Harleysville Mutual.
As a result of the merger, Harleysville Mutual policyholders will become policyholders and members of Nationwide Mutual. Nationwide Mutual is also acquiring all publicly held shares of Harleysville Group’s common stock.
In its review, the Ohio Department of Insurance determined that the merger request is equitable to policyholders, that it will not result in a substantial reduction in the level of service provided to those policyholders, and that it will not substantially lessen competition.
Nationwide Mutual Insurance Company, based in Columbus, Ohio, has direct written premiums of more than $3.4 billion. The company provides a number of insurance products. Harleysville Mutual Company has more than $355 million in direct written premiums primarily in the Eastern and Midwestern United States. The company offers a variety of property and casualty products.