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HARLEYSVILLE GROUP TO FORM NEW JERSEY PERSONAL AUTO INSURANCE COMPANY

 HARLEYSVILLE GROUP TO FORM NEW JERSEY PERSONAL AUTO INSURANCE COMPANY
 HARLEYSVILLE, Pa., Jan. 23 /PRNewswire/ -- Harleysville Group Inc. (NASDAQ: HGIC), and Harleysville Mutual Insurance Company today announced that the Insurance Department of New Jersey has approved their request to form a New Jersey personal auto insurance company.
 The new company -- Harleysville-Garden State Insurance Company -- is to be a wholly owned subsidiary of Harleysville Mutual and will write all of the New Jersey personal auto insurance for the Harleysville Companies. Current policies written by Harleysville Insurance Company of New Jersey, a subsidiary of Harleysville Group Inc., will be renewed by Harleysville-Garden State. The new company is expected to become operational in the near future.
 "By forming Harleysville-Garden State, we will be able to better manage this business while continuing to provide a market for personal auto business in New Jersey," explained Bradford W. Mitchell, Harleysville's chairman of the board, president and chief executive officer. "In addition, Harleysville-Garden State will not be included in our intercompany pooling arrangement. Therefore, the uncertainty associated with the New Jersey personal auto insurance environment will be removed from Harleysville Group's results."
 Harleysville Group's 1991 share of the earned premiums for this business is estimated to be $17 million. For the past two years, this business has produced a combined ratio of approximately 120 percent.
 Harleysville Group Inc. is a regional holding company for six property and casualty insurers whose marketing territory encompasses the entire East Coast. The companies include: Atlantic Insurance Company of Savannah, Connecticut Union Insurance Company, Harleysville Insurance Company of New Jersey, Huron Insurance Company, New York Casualty Insurance Company and Worcester Insurance Company. Harleysville Group also manages the operations of Berkshire Mutual Insurance Group, the financial results of which are not consolidated into Harleysville Group. Harleysville Group's property/casualty subsidiaries are rated A+ (superior) by the A.M. Best Company, an independent financial analyst of the insurance industry.
 /delval/
 -0- 1/23/92
 /CONTACT: Bruce J. Magee, 215-256-5011, or Robert Simpson Jr., 215-256-5392, both of Harleysville Group/
 (HGIC) CO: Harleysville Group Inc.; Harleysville-Garden State Insurance
 Company ST: Pennsylvania, New Jersey IN: INS SU:


JS -- PH004 -- 2595 01/23/92 07:51 EST
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Publication:PR Newswire
Date:Jan 23, 1992
Words:359
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