Philadelphia Consolidated Holding Corp. to Merge with Tokio Marine

Tokio Maring Holdings, Inc. (Tokyo) has received approval of its proposed acquisition of Philadelphia Consolidated Holding Corp. (Bala Cynwyd, Pa.), a property/casualty and professional liability insurance firm, from the Florida Office of Insurance Regulation.

On July 23, 2008, Philadelphia Consolidated Holding Corp. and Tokio Marine entered into an Agreement and Plan of Merger under which a wholly owned subsidiary of Tokio Marine would merge with and into the Philadelphia Consolidated Holding Corp. Tokio Marine would acquire all outstanding shares of the Philadelphia Consolidated Holding Corp. for $61.50 per share in cash. Tokio Marine received approval of its proposed acquisition of control of the Pennsylvania-based company from the Insurance Commissioner of the Commonwealth of Pennsylvania on October 3, 2008 and the Company's shareholders approved the Merger Agreement at the special meeting of the shareholders of the Company that was held on October 23, 2008.

The closing of the merger remains subject to, among other things, regulatory approval of the proposed merger transaction by the Financial Services Agency of Japan. Philadelphia Consolidated Holding Corp. and Tokio Marine continue to expect that the closing of the merger will occur in the fourth quarter of 2008.

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio