Philadelphia Consolidated Holding Corp. Announces Approval of Merger with Tokio Marine by the Florida Office of Insurance Regula
04 November 2008 - 5:24AM
PR Newswire (US)
BALA CYNWYD, Pa., Nov. 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 Florida
Office of Insurance Regulation. 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. As previously announced, Tokio Marine received approval of
its proposed acquisition of control of the Company from the
Insurance Commissioner of the Commonwealth of Pennsylvania on
October 3, 2008 and the Company's shareholders approved the Merger
Agreement at the special meeting of the shareholders of the Company
that was held on October 23, 2008. The closing of the merger
remains subject to, among other things, regulatory approval of the
proposed merger transaction by the Financial Services Agency of
Japan. 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 Joseph
Barnholt at 610-617-7626. DATASOURCE: Philadelphia Consolidated
Holding Corp. CONTACT: Joseph Barnholt of Philadelphia Consolidated
Holding Corp., +1-610-617-7626 Web site: http://www.phly.com/
Copyright
Philadelphia Consolidated (NASDAQ:PHLY)
Historical Stock Chart
From Jul 2024 to Jul 2024
Philadelphia Consolidated (NASDAQ:PHLY)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Philadelphia Consolidated Corp (MM) (NASDAQ): 0 recent articles
More Philadelphia Consolidated Holding (MM) News Articles