Columbus, Ohio-based P&C carrier Nationwide has completed its agreement to combine with Harleysville Mutual Insurance Company (Harleysville, Pa.) and Harleysville Group Inc. following approval by policyholders and stockholders of both companies.
Nationwide acquired all of the publicly held shares of common stock of Harleysville Group for $60 per share in cash, resulting in total payments of approximately $834 million to stockholders.
[Read the details of the Nationwide-Harleysville deal from I&T's initial report.]
"Combined, we are able to accelerate our strategy to make it easy for agents and customers to do business with Nationwide however they desire," Nationwide CEO Steve Rasmussen says in a statement. "Moving forward, we are committed to making strategic investments in all of our distribution channels as they all make a vital contribution in our mission to provide protection and retirement solutions for our members.”