Japanese insurer Tokio Marine Holdings said last week that it will acquire Philadelphia Consolidated Holding Corp. for $4.7 billion, marking the biggest deal value for a U.S. specialty property-casualty insurance operation reported in the last year.
The companies said Tokio Marine will acquire all outstanding shares of Philadelphia Consolidated, for $61.50 per share in cash, through Tokio Marine Holdings wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co.
The deal eclipses Munich Re's $1.3 billion acquisition of The Midland Company Insurance, which the Cincinnati-based specialty insurer's shareholders approved in March.
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