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Harleysville Nationwide Merger is Approved

By: Lisa Parry Becker May 1, 2012

Effective May 1, 2012, the Harleysville Nationwide merger is approved and proceeding.  Read the official news release here.  Harleysville Nationwide Announcement

PA Department of Insurance Approves Harleysville/Nationwide Merger

By: Lisa Parry Becker April 18, 2012

On April 16, 2012, Pennsylvania Insurance Commissioner Mike Consedine approved the merger application for Harleysville Mutual and Nationwide Mutual insurance companies. This combined entity will have a greater statewide presence and offer more product selection to consumers.

 “Harleysville and Nationwide have complementary product lines, and together the companies offer more choices to policyholders,” Consedine said. “I also applaud Nationwide’s decision and commitment to preserve the Harleysville culture and to keep jobs here in Pennsylvania.” 

The merger agreement is not final until it is adopted by a majority vote of Harleysville Mutual members (in person, by proxy, by phone or Internet) at a special meeting that is to be held later this month. Michigan, Ohio, and New Jersey Insurance Departments must also approve the merger. Read more »

2011 Natural Disasters: Rate Increases on the Horizon

By: Lisa Parry Becker February 11, 2012

According to the Insurance Information Institute, 2011 was a record year for insurance industry catastrophe losses.  In the US alone, more than $35 billion were paid for natural disaster insurance claims.  By comparison, between 2000 and 2010, the average loss payout was $23.8 billion. 

NATURAL DISASTER LOSSES IN THE UNITED STATES, 2011
 
 NATURAL DISASTER LOSSES IN THE UNITED STATES, 2011

Source: © 2012 Munich Re. NatCatSERVICE.

Due to the natural disasters that occurred in 2011, and the unprecedented amount of claims that were paid, we are beginning to see rates increases from our insurance carriers.  We understand no one enjoys rate increases.  However, for the insurance companies to provide their services, and payout when claims occur, the rates need to be adequate.

Our own 2011 local disasters in Bucks County included the following events: Read more »

Who Needs an Umbrella?

By: Lisa Parry Becker December 22, 2011

We all do.  In the event of a fatal crash, a personal or commercial umbrella policy will help assist you with much needed asset protection. Keep in mind, an insurance companies’ duty to defend stops when you have exhausted your underlying liability limits.  Umbrella liability policies are available in one, two, three, four, five million limits and more.

According to a recent survey conducted by AAA, the average payout in a fatal automobile accident doubled between 2005 to 2009 from $3.24 million to $6 million.

Read more »

Some thoughts on the Harleysville/Nationwide merger

By: Lisa Parry Becker October 26, 2011

On September 29, 2011, Nationwide and Harleysville announced their intention to merge.  Pending regulatory and shareholder approval, this could occur in the first quarter of 2012.  Our agency has represented Harleysville for more than sixty years.  There are some benefits that we see and want to share with you as detailed below. Read more »

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