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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.

Harleysville is already well capitalized with over one billion dollars in net written premiums.  Following the merger, the combined organization will have an estimated $16 billion dollars in net written premiums.  Harleysville’s current A.M. Best rating of A could be upgraded to Nationwide’s A+ A.M. Best rating following the transaction.

Harleysville could be in a better position to diversify its offerings and enter new markets, e.g., financial services, professional and specialty lines.  With greater access to reinsurance, the capacity to write additional coverages along the New Jersey coastline has been proposed.

Harleysville will return to its roots as a mutual company.  As a mutual company, ownership resides with policyholders, not stockholders, whose primary concern is with quarterly earnings.

As a fifth generation family owned and operated independent agency, we are committed to remaining independent and representing numerous insurance carriers.  This enables us to provide you with better access to a multitude of insurance products and services at a competitive price.

Contact us: Parry & Son Insurance

Read more: Harleysville Press Release

Read more: InsuranceJournal.com, September 29, 2011

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Readers’ Comments (2)

  • By Barry DeDominicis
    January 23, 2012 at 1:01 pm

    Good morning Lisa I was not aware of this transaction and will be curious as to how, you guessed it, impact me. Hope to speak with you soon.

    Barry

  • By Lisa Parry Becker
    January 23, 2012 at 4:39 pm

    Barry, thanks for your interest in this post. At present, it is business as usual at Harleysville. We will continue working with our same Harleysville underwriters and claims representatives. With the backing of Nationwide, Harleysville will be even better capitalized than they already are. I will contact you offline to address any additional concerns. Lisa Parry Becker

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