Harleysville Group Inc. Increases Quarterly Dividend by 6 Percent to $0.38 Per Share, or $1.52 Per Share on an Annualized Basis
August 05 2011 - 1:47PM
Business Wire
The Board of Directors of Harleysville Group Inc. (NASDAQ: HGIC)
today increased the company’s regular quarterly cash dividend by 6
percent to $0.38 per share from $0.36 per share, or to an
annualized $1.52 per share from $1.44 per share. The dividend is
payable September 30, 2011, to shareholders of record on September
15, 2011. This marks the 101st consecutive quarter Harleysville
Group has paid a dividend since the company went public in
1986.
“The increase in our dividend is a reflection of our strong
balance sheet—which is clearly evidenced by a high-quality
investment portfolio, a strong capital base and reserve position, a
low debt-to-capital ratio, and a healthy premium-to-surplus
ratio—as well as our ongoing commitment to managing our capital
position effectively for the benefit of our investors,” said
Michael L. Browne, Harleysville Group’s president and chief
executive officer. “As we mark 25 years as a public company, we’re
proud of the fact that we’ve paid our shareholders a dividend every
quarter during that time, and that our dividend has increased every
year, which is a direct reflection of our financial strength and
our confidence in the future.”
Harleysville Insurance is a leading super-regional provider of
insurance products and services for small and mid-sized businesses,
as well as for individuals, and ranks among the top 60 U.S.
property/casualty insurance groups based on net written premiums.
As a Trusted Choice® company partner, Harleysville distributes its
products exclusively through a network of independent agents
primarily across 32 states. Harleysville is ranked #21 in the most
recent InformationWeek 500, the publication’s annual listing of the
most innovative information technology organizations in the U.S.,
and has been included on the list in each of the last five years.
Harleysville Mutual Insurance Company owns approximately 54 percent
of Harleysville Group Inc. (NASDAQ: HGIC), a publicly traded
holding company for eight regional property/casualty insurance
companies collectively rated A (Excellent) by A.M. Best Company.
Harleysville Group is listed on the NASDAQ Global Select Market,
which is comprised of the top third of all NASDAQ member companies
and has the highest initial listing standards of any exchange in
the world based on financial and liquidity requirements.
Harleysville Group has paid a dividend every quarter since the
company went public in 1986, and was recognized with a 2010 Mergent
Dividend Achiever Award for its long-term history of dividend
increases. Further information can be found on the company’s
website at www.harleysvillegroup.com.
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