Harford Mutual Insurance Group has announced that its merger agreement with ClearPath Mutual Insurance Company has received final approval from the Maryland Insurance Administration.

The deal has also been approved by the companies’ boards of directors and policyholders.

Kentucky-headquartered ClearPath Mutual offers monoline workers’ compensation coverage across Kentucky, Georgia, Tennessee, West Virginia and Indiana.

Following the latest announcement, ClearPath Mutual will be merged into Harford Mutual Insurance Group and become a stock insurer.

ClearPath Mutual will be renamed as ‘Clearpath Insurance Company’ and marketed as ‘Clearpath Specialty’ after the completion of the deal.

A part of this merger agreement, effective 4 August, policyholders of ClearPath Mutual can obtain Harford Mutual’s membership rights, under the newly formed Clearpath Specialty.

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The merger will not impact operations of ClearPath Mutual’s current home office in Louisville, that will now also serve as Harford Mutual’s Midwest Office.

Clearpath Specialty has been re-domesticated to Maryland.

The Maryland-based property and casualty insurance company will retain ClearPath Mutual’s employees and other plans to merge efficiencies.

ClearPath Mutual current president and CEO Jeff Borkowski will now be the president of Clearpath Specialty, while Harford Mutual president and CEO Steve Linkous will be Clearpath Specialty’s new CEO.

Borkowski will also become the vice president of Harford Mutual.

ClearPath Mutual’s board of directors will continue to be the same for two years and Linkous will also be joining the board as a director.

Meanwhile, ClearPath Mutual’s board chair Sean Garber will continue serving as chair of Clearpath Specialty’s board and will additionally join Harford Mutual’s board of directors.

Borkowski said: “This merger was a strategic decision for ClearPath Mutual.

“It unites two purpose-led organisations and allows us to leverage Harford Mutual’s expertise, systems, and successful track record in multi-line carrier field.”