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.

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