Philadelphia Consolidated sets meeting date for shareholder vote on Tokio Marine merger

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Philadelphia Consolidated Holding Corp. will ask its shareholders to approve the company's merger with Tokio Marine Holdings, Inc. at a special meeting on Oct. 23 at 2 p.m. ET.

Record date for the meeting is Sept. 25, according to a schedule 14A filed with the Securities and Exchange Commission.

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 sectors.

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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