Merger of Philadelphia Consolidated, Tokio Marine approved by Florida insurance regulator

By Lisa Kerner

Charlotte, N.C., Nov. 3 - The Florida Office of Insurance Regulation approved the proposed merger of Philadelphia Consolidated Holding Corp. and Tokio Marine Holdings, Inc., it was reported in a form 8-K filed with the Securities and Exchange Commission.

The companies said they expect to close the merger in the fourth quarter, pending approval by the Financial Services Agency of Japan.

Philadelphia Consolidated shareholders approved the transaction in October.

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.

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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