Key Developments For Harleysville Group Inc.
Harleysville Group Inc. (HGIC.O) (Nasdaq)
Harleysville Group, Inc. Declares Quarterly Dividend
Harleysville Group, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.325 per share, payable December 30, 2009, to shareholders of record on December 15, 2009.
Harleysville Group, Inc.'s Harleysville Mutual Insurance Company To Acquire Delta Lloyds Flood Insurance Business
Harleysville Group, Inc.'s Harleysville Mutual Insurance Company and Delta Lloyds Insurance Company of Houston, Texas announced that they have agreed to a transaction in which Harleysville will assume Delta's book of Write Your Own (WYO) flood business effective November 1, 2009. Delta General Agency Corporation, through its more than 500 retail flood agents, will represent Harleysville in much the same way it represented Delta Lloyds. As such, Delta General will continue to provide training, servicing and marketing support for flood insurance to those agents. Terms of the transaction were not disclosed.
Harleysville Group, Inc. Authorizes $25 Million Share Repurchase Program; Increases Quarterly Dividend by 8%
The Board of Directors of Harleysville Group, Inc. authorized the Company to repurchase up to an additional 800,000 shares, or approximately $25 million or about 3%, of its outstanding common stock through an open market purchase program. The Board authorized Harleysville Group to make purchases for a two-year period in the open market or in privately negotiated transactions. Additionally, the Board authorized Harleysville Group to make purchases under the terms of a Rule 10b5-1 trading plan, which allows the Company to purchase its shares at times when it ordinarily would not be in the market because of self-imposed trading blackout periods, such as the time preceding its quarterly earnings releases. The Company currently intends to repurchase shares in open market transactions from the public float, and not repurchase shares from Harleysville Mutual Insurance Company, which owns 53% of Harleysville Group`s stock. The timing and terms will be based on market conditions, and will be conducted in accordance with the applicable rules of the Securities and Exchange Commission. At the same time, the Board increased the Company`s regular quarterly cash dividend by 8% to $0.325 per share from $0.30 per share, or to an annualized $1.30 per share from $1.20 per share. The dividend is payable September 30, 2009, to shareholders of record on September 15, 2009.
Harleysville Group, Inc. Declares Quarterly Dividend
Harleysville Group, Inc. announced that it has declared a regular quarterly cash dividend of $0.30 per share, payable June 30, 2009, to shareholders of record on June 15, 2009.
Harleysville Group, Inc. Issues FY 2009 Earnings Outlook In Line With Analysts' Estimates-Conference Call
Harleysville Group, Inc. announced that for fiscal 2009, it expects to report improved earnings over fiscal 2008. The Company reported net profit of $81.22 million in fiscal 2008. According to Reuters Research, analysts were expecting the Company to report net profit of $90 million for fiscal 2009.
