Tokio Marine Holdings said it will acquire Philadelphia Consolidated Holding Corp. for $4.7 billion, topping the deal value of the Japanese insurer's last mega-deal, the acquisition of Kiln Ltd. for nearly $900 million announced in December 2007.
The companies said Tokio Marine will acquire all outstanding shares of Bala Cynwyd, Pa.-based specialty property-casualty insurer Philadelphia Consolidated for $61.50 per share in cash, through Tokio Marine Holdings' wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co.
Analysts said the deal was a good one for both parties, noting that it was done at a price that should make Philadelphia stockholders happy and that the acquisition will provide opportunity for Tokio Marine to expand its presence in Europe and the United States.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
