Investment Banking - Pennsylvania Insurance Department

Transactions | Insurance

Client: Pennsylvania Insurance Department
Industry: Insurance
Transaction Type: Financial Advisory
Role: Financial Advisor

  • On May 1, 2012, Nationwide Mutual Insurance Co. (“Nationwide”) completed its mutual-to-mutual merger with Harleysville Mutual and simultaneously completed its $834 million acquisition of the publicly-held shares in Harleysville Group, Inc. (NASDAQ: HGIC), a downstream publicly-traded company majority owned by Harleysville Mutual (“Transaction”).
  • The mutual merger was subject to the approval by the Pennsylvania Insurance Department (“PID”) who evaluated the merger against a set of statutory standards, including whether the merger was fair and reasonable, and conferred benefits to the Harleysville Mutual policyholders, is in the public interest, will lesson competition or be hazardous to the insurance-buying public among other standards.
  • The Firm completed an in-depth review of the Transaction, including an analysis of the work products of several law firms and investment banks, focusing on the reasonableness of Harleysville’s conclusion that the merger was fair to the Harleysville Mutual policyholders, and provided a report of its findings to PID to assist in their evaluation of the merger.
  • The Firm acted as exclusive financial advisor to PID in connection with its review of the merger and Transaction.