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.
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