Japan's Tokio Marine Holdings Inc. has acquired all outstanding shares of Philadelphia Consolidated. The acquisition, valued at approximately $4.7 billion, is considered the largest acquisition of a U.S. company by a Japanese financial firm.

Tokio Marine will pay $61.50 per share in cash through their wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co. Ltd. The profits and losses of Philadelphia Consolidated will be consolidated into Tokio Marine's financial statements from fiscal year 2009.

Philadelphia Consolidated, whose subsidiaries include Philadelphia Insurance, has 47 offices and approximately 1,400 employees across the U.S.

The transaction is expected to close in the fourth quarter of 2008.

For more information, visit www.tokiomarine.us/ and www.phly.com/.

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