SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 16, 2003
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HARLEYSVILLE GROUP INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-14697 51-0241172
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
355 Maple Avenue, Harleysville, Pennsylvania 19438
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(Address of principal executive offices) (Zip Code)
(215) 256-5000
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report.)
Item 9. Regulation FD Disclosure
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This form 8-K may contain "forward-looking statements" (as defined in
Section 27A(I)(1) of the Securities Act of 1933, as amended). Such
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and include estimates and
assumptions related to economic, competitive and legislative developments. These
forward-looking statements are subject to change and uncertainty that are, in
many instances, beyond the company's control and have been made based upon
management's expectations and beliefs concerning future developments and their
potential effect on Harleysville Group Inc. There can be no assurance that
future developments will be in accordance with management's expectations
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so that the effect of future developments on Harleysville Group will be those
anticipated by management. Actual financial results including premium growth and
underwriting results could differ materially from those anticipated by
Harleysville Group depending on the outcome of certain factors, which may
include changes in property and casualty loss trends and reserves; catastrophe
losses; the insurance product pricing environment; changes in applicable law;
government regulation and changes therein that may impede the ability to charge
adequate rates; changes in accounting principles; performance of the financial
markets; fluctuations in interest rates; availability and price of reinsurance;
and the status of the labor markets in which the company operates.
On April 16, 2003, Harleysville Group Inc. issued a press release
commenting on its first quarter 2003 earnings. The information included in the
press release follows:
Harleysville Group Inc. (Nasdaq: HGIC) announced today that it expects 2003
first quarter diluted operating earnings to be in the range of $0.22 to $0.26
per share. For the comparable period in 2002, the company reported diluted
operating earnings of $0.43 per share. Diluted operating earnings per share
exclude the impact of net realized after-tax investment gains and losses that
are included in net income.
Property catastrophe losses resulting from the first quarter's winter
storms were capped at $3.6 million pretax, or $0.08 per share, by the quarterly
aggregate reinsurance agreement with Harleysville Mutual Insurance Company.
During the quarter, Harleysville Group also experienced higher noncatastrophe
losses in other lines, particularly workers compensation where previously
identified adverse trends continued. The company is conducting a thorough
analysis of its workers compensation reserves, which may or may not result in
further reserve adjustments.
The company plans to release first quarter 2003 earnings on Friday, April
25,2003, prior to the start of regular trading on the Nasdaq Stock Market. The
company will host a live Webcast beginning at 9:00 a.m. (ET) that day to discuss
its results. The Webcast will be available from the Financial section of the
company's Web site (www.harleysvillegroup.com). An archive of the presentation
will be available until May 9, 2003, on the company's site.
Harleysville Insurance, "Good people to know," is the premier provider of
insurance products and services for small businesses and individuals, and ranks
among the top 50 U.S. property/casualty insurance groups based on net written
premiums. Harleysville Group Inc. (Nasdaq: HGIC) is a publicly traded holding
company for nine regional property/casualty insurance companies collectively
rated A (Excellent) by A.M. Best Company. Harleysville Insurance, which
distributes its products through independent insurance agents, operates in 32
Eastern and Midwestern states. Further information can be found on the company's
Web site.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HARLEYSVILLE GROUP INC.
Registrant
/s/Mark R. Cummins
April 16, 2003 -----------------------------
Mark R. Cummins
Executive Vice President,
Chief Investment Officer &
Treasurer