Nationwide Mutual plans merger with Harleysville Group
Nationwide Mutual Insurance has plans to merge with Harleysville Group for $760 million in cash. The merger will help Nationwide Mutual boost its presence in the eastern U.S. and add competency in the business insurance market. About 54 percent of Harleysville group is owned by Harleysville Mutual Insurance policyholders. According to the conditions of the sale, Harleysville Mutual policyholders will become Nationwide policyholders. The brand Harleysville will stay alive even after the deal closes in the first quarter of next year, pending shareholder and regulatory approvals.