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 www.phly.com or contact Joseph Barnholt at 610-617-7626.
SOURCE Philadelphia Consolidated Holding Corp.
