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Harleysville shareholders and policyholders approve Nationwide merger

Shareholders and policyholders at Harleysville have approved the proposed merger with Nationwide.

26 April 2012

Shareholders and policyholders at Harleysville Group and Harleysville Mutual Insurance Company have voted to approve the proposed merger with Nationwide Mutual Insurance Company, indicating that contract negotiations between the firms may be underway.

At a special meeting of everyone with Harleysville Mutual policies, 87.4 per cent of votes were in favour of the tie-up, with 14.1 per cent of eligible people casting a ballot.

In the Harleysville Group shareholder discussion, 89.9 per cent of everyone who could vote did so, with 99.8 per cent approving the merger agreement's adoption.

The combination has also been given the green light by the Pennsylvania Insurance Department and Nationwide Mutual policyholders, although certain other states still have to provide regulatory approval.

Harleysville's president and chief executive officer Michael Browne said: "We very much appreciate the overwhelming endorsement of both our policyholders and shareholders in approving the merger with Nationwide."

Nationwide chief executive officer Steve Rasmussen had previously pointed out the involved parties "share a mutual heritage", describing them as "two best-in-class companies".

Posted by Edel Quinn

Source: Harleysville press release, April 25th

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