PHLY Philadelphia Consolidated Corp (MM)

BALA CYNWYD, Pa., Oct. 3 /PRNewswire-FirstCall/ -- Philadelphia Consolidated Holding Corp. (NASDAQ:PHLY) today announced that Tokio Marine Holdings, Inc. ("Tokio Marine") received approval of its proposed acquisition of control of the Company from the Pennsylvania Insurance Department. As previously announced on July 23, 2008, the Company and Tokio Marine entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which a wholly owned subsidiary of Tokio Marine would (subject to the satisfaction of various closing conditions) merge with and into the Company and Tokio Marine would acquire all outstanding shares of the Company for $61.50 per share in cash. The closing of the merger remains subject to, among other things, the receipt of the approval of Tokio Marine's acquisition of control of the Company from the Florida Office of Insurance Regulation, regulatory approval of the proposed merger transaction by the Financial Services Agency of Japan, and the approval of the Merger Agreement by the Company's shareholders at the special meeting of the shareholders of the Company scheduled to be held on October 23, 2008. The Company and Tokio Marine continue to expect that the closing of the merger will occur in the fourth quarter of 2008. In operation since 1962, PHLY designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. The Company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and A1 for insurance financial strength by Moody's Investors Services, is nationally recognized as a member of Ward's Top 50, Forbes' Platinum 400 list of America's Best Big Companies and Forbes' 100 Best Mid-Cap Stocks in America. The organization has 47 offices strategically located across the United States to provide superior service. To locate your nearest office or for more information, visit us on the web at http://www.phly.com/ or contact Susie Maguire at 610-206-7857. DATASOURCE: Philadelphia Consolidated Holding Corp. CONTACT: Susie Maguire of Philadelphia Consolidated Holding Corp., +1-610-206-7857 Web site: http://www.phly.com/

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