Tokio Marine acquires Philadelphia Consolidated

By Lisa Kerner

Charlotte, N.C., Dec. 1 - Philadelphia Consolidated Holding Corp. became a wholly owned subsidiary of Tokio Marine Holdings, Inc. following completion of the companies' merger on Monday.

As previously reported, 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.

Philadelphia Consolidated's common stock ceased trading on the Nasdaq Global Select Market and will be delisted, a company news 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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