The Peninsula Insurance Company is shutting its doors in Salisbury this summer leaving most of its 50 employees to look for new jobs.
The Donegal Group said around 40 will be laid off with the rest going to its headquarters in Marietta, Pennsylvania.
The Salisbury Daily Times reports that termination cost will come to around $2 million but the closure is expected to save around $3.7 million a year.
The company was founded in 1960 by Samuel Seidel.
The paper notes that he became a prominent philanthropist creating an endowment for Salisbury University’s school of education.
