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HARLEYSVILLE GROUP INC. POSTPONES SECONDARY COMMON STOCK OFFERING

    HARLEYSVILLE GROUP INC. POSTPONES SECONDARY COMMON STOCK OFFERING
    HARLEYSVILLE, Pa., Nov. 6 /PRNewswire/ -- Bradford W. Mitchell, chairman of the board and chief executive officer of Harleysville Group Inc. (NASDAQ: HGIC), reported today that the company has postponed indefinitely its proposed secondary common stock offering.
    The company previously announced it would sell 1.1 million outstanding shares (1.65 million shares as adjusted for the 3-for-2 stock split effective Nov. 4, 1991), currently owned by Harleysville Mutual Insurance Co., the principal stockholder of Harleysville Group.
    At the time the registration statement was originally filed on July 31, 1991, the closing sale price of Harleysville Group's shares was $30.50 ($20.33 as adjusted for the three-for-two stock split effective Nov. 4).  "The present market price of Harleysville Group common stock does not, in our opinion, adequately reflect the strong balance sheet of the company nor the longer term favorable outlook for the company," explained Mitchell.  "Unfortunately, current market conditions and events have caused us to postpone the offering."
    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 Co., Harleysville Insurance Company of New Jersey, Huron Insurance Co., New York Casualty Insurance Co. and Worcester Insurance Co.  Harleysville Group also manages the operations of Berkshire Mutual Insurance Group, the financial results of which are not consolidated into Harleysville Group.  Harleysville and its property/casualty subsidiaries are rated A+ (Superior) by the A.M. Best Co., an independent financial analyst of the insurance industry.
    /delval/
    -0-                        11/6/91
    /CONTACT:  Bruce J. Magee, 215-256-5011, or Robert Simpson Jr., 215-256-5392, both of Harleysville Group/
    (HGIC) CO:  Harleysville Group Inc. ST:  Pennsylvania IN:  INS SU: MP -- PH001 -- 1532 11/06/91 08:11 EST
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Publication:PR Newswire
Date:Nov 6, 1991
Words:303
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