Protected Home Mutual Life Insurance Co., a downtown Sharon icon for more than 100 years, is being merged with National Guardian Life, a Madison, Wis., insurance company.

The deal, expected to be completed late this year, requires approval from Pennsylvania and Wisconsin insurance departments and policyholders from both insurers.

Since both insurance companies are mutually-held, which means they are owned by policyholders, there is no value being placed on the tax-free deal, which technically isn't a sale.

In mutual insurance companies the bigger the policy, the bigger percentage of ownership, and, since NGL is more than six times the size of the Sharon company in terms of assets, and it's clear the firm will be calling the shots.

030509