There is much speculation that Nationwide Mutual Insurance Company is looking to swallow up much smaller Harleysville Insurance (HGIC). These rumors caused Harleysville‘s stock price to jump 24 percent last week. Harleysville is based in Lower Salford Township, Montgomery County. Nationwide is based in Columbus, OH.
Harleysville had a large loss in second quarter this fiscal year.
An interesting side note – the same man who founded Harleysville Insurance Company also founded Harleysville National Bank. Harleysville National Bank recently merged with Buffalo, NY based First Niagara. What a sad coincidence it would be if this company succumbed to an out-of-state merger and disappeared as well.