Tokio Marine Holdings to Acquire Philadelphia Consolidated in $4.7 Billion Transaction
Marks Significant Expansion by Tokio Marine into the U.S. P&C Insurance Market Continues Growth in Key International Markets Enhances Well-balanced Global Portfolio
Tokio Marine Holdings, Inc. (TMHD) and Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated) (Nasdaq: PHLY - News) today announced that they have entered into a definitive agreement under which TMHD will acquire all outstanding shares of Philadelphia Consolidated, a leading U.S. P&C insurance company offering specialty commercial property and casualty (P&C) products and services for targeted markets, for $61.50 per share in cash, through TMHD\'s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). The total transaction value is approximately U.S. $4.7 billion. The transaction is expected to close in the fourth quarter of 2008.
- Published: 23 July 2008
- Written by Editor