Philadelphia Consolidated, Tokio Marine merger on track to close Dec. 1

By Lisa Kerner

Charlotte, N.C., Nov. 21 - The Financial Services Agency of Japan approved the pending merger of Philadelphia Consolidated Holding Corp. and Tokio Marine Holdings, Inc. first announced in July.

According to a Philadelphia Consolidated news release, the companies expect the merger to close on Dec. 1.

The merger has been approved by the Insurance Commissioner of the Commonwealth of Pennsylvania, the Florida Office of Insurance Regulation and Philadelphia Consolidated shareholders.

Tokio Marine agreed to acquire Philadelphia Consolidated for $61.50 per share in cash through its wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd., for a total transaction value of $4.7 billion.

Based in Tokyo, the Tokio Marine Group operates in the property and casualty insurance, reinsurance and life insurance sector with a presence in about 40 countries/areas.

Philadelphia Consolidated designs, markets and underwrites commercial property/casualty and professional liability insurance products. The company is based in Bala Cynwyd, Pa.

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