Maybe they could mix Harleysville products with the management of Nationwide, then you could possibly have a decent carrier. Relationship with your carrier just went out the window.
I’m not sure what to think of this. Harleysville has great products and pricing, but terrible service. Allied has much better service, but has always sought vanilla risks. I hope we get the best of both and not the worst of both.
There are very few “Good People to Know” still employed by Harleysville, as Bill states…They have fired every good employee. Nationwide would be smart to closely examine who is running the ship (sinking ship) and make the necessary changes in their claim department that have been too long coming. They lack even basic customer service skills, ask any policyholder who has had a loss.
Working at Nationwide and previously being in management, I agree with Sarah. The management and training with Nationwide is very impressive, and I think this merger will allow more locations for Nationwide to sell and more of a chance to improve Harleysville’s employees through better management and training opportunities.
It’s not as though Nationwide doesn’t already have products distributed via the IA channel. In Florida Nationwide agents are independent themselves. What’s all the worry about?
Solvent, Nothing to worry about. Its just a constriction of products offered on the street. I happen to have both of these carriers now I have one. Soon you will have the Liberty Conglomerate and now the Nationwide Conglomerate and a few regionals waiting for the offer to come to merge with Liberty or Nationwide. Travelers, Chubb. Hopefully the mergers do not continue, but I am afraid that this terrible economy is taking its toll on the revenue of these small and mid market commercial lines carriers to the point of we better sell soon or our numbers will not be attractive in a year or two. Nationwide paid way too much for this carrier and just watch the carriers that merge soon. I believe that if these mergers continue, it will create a hardening in the market eventually, it has to.
Do not forget to throw the QBE conglomerate in there. We need to get some of these little street whores off the corner. Harleysville was a good start. They never offered anything other than cheap pricing and less coverage. Next let’s pluck some of the Ohio and Wisconsin regional bedbugs off our back. Then again, the reinsurance carriers could take care of that with hefty treaty hikes in 2012.
I thought QBE or Liberty would get this one. I’m surprised it was Nationwide. Waiting to see who QBE will get next, as they are also looking to show strong regional growth in the east and northeast.
Liberty Mutual, QBE, and Nationwide should all be making some additional acquisitions in the next 12 months for their regional markets. The conditions are ripe, and acquisitions will help to get some of this regional rubbish off the street. And don’t forget Berkley Group either.
i have been an agent with Nationwide for 29 years, great company, great management and great claims service. 8 billion dollar company in 1983 now 100’s if billions with great reserves. i would think harleysville employees should be looking forward to a great merger with tons of products offerings with great claims service.i had 800+ claims hurricane Katrina, all were settled in 60 days, non coastal.
I’ve been involved with other insurers who are part of a merger. The aquired company never survives, nor does its employees.
In this merger, the Harleysville employees are going to find themselves on the street, looking for work, within the next year. Nationwide’s will no doubt eliminate all Harleysville personnel as oppossed to retraining them to accept and apply Nationwide’s philosophy. Nationwide has no interest in using people it did not bring along from a trainee status.
If anyone thinks this is a good move from Harleysville’s personnel position, they are mistaken and the passage of time will demonstrate with accuracy how Nationwide intends to dispose of these folks.
I hope you are WRONG Trigger22. There are many highly trained and experienced employees at Harleysville who provide excellent service. If htey do get sentot eh streets, they will be scooped up by other carriers who are hiring dedicated experienced employees.
This is a great deal for Harleysville Group and a terrible deal for Harleysville Mutual. The top 17 officers and directors of Harleysville Group/Mutual will be getting more than $100 million, but Harleysville Mutual’s policyholders (who own the mutual company) are getting nothing.
Nationwide can afford to pay so much for Harleysville Group because the Harleysville directors are transferring the larger Harleysville Mutual to Nationwide for no consideration to the policyholders.
Anyone concerned about the Harleysville Mutual policyholders should give me a call or write to me.
Harleysville is on your side, right?
Maybe they could mix Harleysville products with the management of Nationwide, then you could possibly have a decent carrier. Relationship with your carrier just went out the window.
I’m not sure what to think of this. Harleysville has great products and pricing, but terrible service. Allied has much better service, but has always sought vanilla risks. I hope we get the best of both and not the worst of both.
Harleysville’s new slogan – “Good People to Have Known”
They have fired every good employee that they ever had. Nationwide needs to do some house cleaning.
There are very few “Good People to Know” still employed by Harleysville, as Bill states…They have fired every good employee. Nationwide would be smart to closely examine who is running the ship (sinking ship) and make the necessary changes in their claim department that have been too long coming. They lack even basic customer service skills, ask any policyholder who has had a loss.
Working at Nationwide and previously being in management, I agree with Sarah. The management and training with Nationwide is very impressive, and I think this merger will allow more locations for Nationwide to sell and more of a chance to improve Harleysville’s employees through better management and training opportunities.
It’s not as though Nationwide doesn’t already have products distributed via the IA channel. In Florida Nationwide agents are independent themselves. What’s all the worry about?
Solvent, Nothing to worry about. Its just a constriction of products offered on the street. I happen to have both of these carriers now I have one. Soon you will have the Liberty Conglomerate and now the Nationwide Conglomerate and a few regionals waiting for the offer to come to merge with Liberty or Nationwide. Travelers, Chubb. Hopefully the mergers do not continue, but I am afraid that this terrible economy is taking its toll on the revenue of these small and mid market commercial lines carriers to the point of we better sell soon or our numbers will not be attractive in a year or two. Nationwide paid way too much for this carrier and just watch the carriers that merge soon. I believe that if these mergers continue, it will create a hardening in the market eventually, it has to.
Do not forget to throw the QBE conglomerate in there. We need to get some of these little street whores off the corner. Harleysville was a good start. They never offered anything other than cheap pricing and less coverage. Next let’s pluck some of the Ohio and Wisconsin regional bedbugs off our back. Then again, the reinsurance carriers could take care of that with hefty treaty hikes in 2012.
I thought QBE or Liberty would get this one. I’m surprised it was Nationwide. Waiting to see who QBE will get next, as they are also looking to show strong regional growth in the east and northeast.
Liberty Mutual, QBE, and Nationwide should all be making some additional acquisitions in the next 12 months for their regional markets. The conditions are ripe, and acquisitions will help to get some of this regional rubbish off the street. And don’t forget Berkley Group either.
VERY INTERESTING that Selective is mentioned in this article. Hmmmm….
Looks like Germany bought Greece. Now what do you do with it?
i have been an agent with Nationwide for 29 years, great company, great management and great claims service. 8 billion dollar company in 1983 now 100’s if billions with great reserves. i would think harleysville employees should be looking forward to a great merger with tons of products offerings with great claims service.i had 800+ claims hurricane Katrina, all were settled in 60 days, non coastal.
I’ve been involved with other insurers who are part of a merger. The aquired company never survives, nor does its employees.
In this merger, the Harleysville employees are going to find themselves on the street, looking for work, within the next year. Nationwide’s will no doubt eliminate all Harleysville personnel as oppossed to retraining them to accept and apply Nationwide’s philosophy. Nationwide has no interest in using people it did not bring along from a trainee status.
If anyone thinks this is a good move from Harleysville’s personnel position, they are mistaken and the passage of time will demonstrate with accuracy how Nationwide intends to dispose of these folks.
I hope you are WRONG Trigger22. There are many highly trained and experienced employees at Harleysville who provide excellent service. If htey do get sentot eh streets, they will be scooped up by other carriers who are hiring dedicated experienced employees.
This is a great deal for Harleysville Group and a terrible deal for Harleysville Mutual. The top 17 officers and directors of Harleysville Group/Mutual will be getting more than $100 million, but Harleysville Mutual’s policyholders (who own the mutual company) are getting nothing.
Nationwide can afford to pay so much for Harleysville Group because the Harleysville directors are transferring the larger Harleysville Mutual to Nationwide for no consideration to the policyholders.
Anyone concerned about the Harleysville Mutual policyholders should give me a call or write to me.
David Schiff
Schiff’s Insurance Observer
212-724-2000
DavidLSchiff@mac.com