Latest approval brings merger of Philadelphia Consolidated, Tokio Marine one step closer to completion

By Lisa Kerner

Charlotte, N.C., Oct. 3 - The Pennsylvania Insurance Department approved the proposed merger of Philadelphia Consolidated Holding Corp. and Tokio Marine Holdings, Inc., according to a form 8-K filed with the Securities and Exchange Commission.

The merger remains subject to approval from the Florida Office of Insurance Regulation and the Financial Services Agency of Japan.

Philadelphia Consolidated shareholders will be asked to approve the merger at a special meeting on Oct. 23, the filing said.

Tokio Marine and Philadelphia Consolidated expect the merger to close in the fourth quarter.

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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