Ohio insurance regulators approved the acquisition of Harleysville Mutual Insurance Co. by Columbus, Ohio-based Nationwide Mutual Insurance Co.
"We have determined the transaction is equitable to policyholders while protecting the competitive balance of the marketplace," Ohio Lt. Gov. and Department of Insurance Director Mary Taylor said in a press statement.
Insurance regulators in Pennsylvania (where Harleysville Mutual is based) already had approved the merger. Policyholders and the board of directors of both companies also previously had approved the merger.
Harleysville Mutual policyholders will become policyholders and members of Nationwide Mutual. Nationwide Mutual is also acquiring all publicly held shares of Harleysville Group's common stock.
In its review, the Ohio Department of Insurance determined that the merger request will not substantially reduce service to policyholders or lessen competition.
Nationwide, which has direct written premiums of more than $3.4 billion, provides individual insurance and financial services, including home and car insurance, life insurance, annuities, mortgages, mutual funds, pensions and long-term savings plans.
Harleysville Insurance provides insurance products and services for small and mid-sized businesses, as well as for individuals, through a network of independent agents across 32 states. The company has more than $355 million in direct written premiums primarily in the East and Midwest.