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Harleysville Group and Harleysville
Mutual authorize stock repurchase plans
HARLEYSVILLE, PA—JUNE 23, 1999—Harleysville
Group Inc. (NASDAQ:HGIC) and Harleysville Mutual Insurance Company today announced that
their boards of directors have authorized repurchase plans for each company to purchase up
to 500,000 shares of Harleysville Group common stock, up to a total of 1,000,000 shares.
Under the terms of the plans, each company may make purchases out of internal funds in
the open market or in privately negotiated transactions. The timing and terms will be
based on market conditions and will be conducted in accordance with the applicable rules
of the SEC. Both companies will make share purchases in equal amounts. The shares acquired
by Harleysville Group will be held as treasury stock and may be issued for its employee
and agent stock plans. The shares acquired by Harleysville Mutual will be held for
investment purposes.
The repurchase programs have been authorized for a two-year period. The plans may be
terminated at any time at the discretion of either company.
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