Two major insurance companies have filed plans to merge.
Harleysville Mutual Insurance Company and Nationwide Mutual Insurance Company would merge under a filing received by the Pennsylvania Insurance Department, officials announced Tuesday.?
?If approved, Harleysville Mutual policyholders would become policyholders and members of Nationwide Mutual, and Nationwide Mutual would acquire all of the publicly held shares of common stock of Harleysville Group. Each public stockholder of Harleysville Group would receive a set dollar amount per share in cash.
?The state insurance department will evaluate the proposal against a set of standards, including whether the transaction will lessen competition, produce new efficiencies, or be hazardous to the insurance-buying public.
Public input will be part of the review process.
?Other regulatory bodies must also approve the merger before it becomes effective, including the Ohio Insurance Department, the state in which Nationwide is domiciled. The policyholders for Harleysville Mutual and Nationwide Mutual must also approve the merger.
?More infThe filing and related information are available on the department?s website at http://www.portal.state.pa.us/portal/server.pt/community/industry_activity/9276/harleysville___nationwide_merger/1018193.
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