Japan Approves Tokio Marine Acquisition of Philadelphia Insurance

Philadelphia Consolidated Holding Corp. reported that the Financial Services Agency of Japan has approved its acquisition by Tokio Marine Holdings, Inc.

Tokio Marine is acquirinsg all outstanding shares of the insurer for $61.50 per share in cash.

Tokio Marine previously received approval Pennsylvania and Florida insurance departments.

The closing of the merger remains subject to other customary closing conditions, but no additional regulatory approvals are required. The parties anticipate that the closing of the merger will occur on December 1, 2008.

Philadelphia underwrites commercial property/casualty and professional liability insurance products.

Source: Philadelphia Consolidated Holding Corp.