Philadelphia Consolidated shareholders approve merger with Tokio Marine

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Philadelphia Consolidated Holding Corp. approved the company's merger agreement with Tokio Marine Holdings, Inc. and Tokio Marine Investment (Pennsylvania) Inc. at a special meeting on Thursday.

According to Philadelphia Consolidated, over 77% of the outstanding shares of its common stock voted, with over 99% of those voting in favor of the deal.

In July, Tokio Marine announced it would 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.

The transaction is subject to approval by the Florida Office of Insurance Regulation and by the Financial Services Agency of Japan.

Tokio Marine and Philadelphia Consolidated expect the merger to close in the fourth quarter, the release said.

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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