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Philadelphia Consolidated Holding Corp. Announces Approval of Merger with Tokio Marine by the Financial Services Agency of Japan
BALA CYNWYD, Pa., Nov. 21 /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 Financial Services Agency ofJapan.
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. As previously announced, Tokio Marine received approval of its proposed acquisition of control of the Company from the Insurance Commissioner of the Commonwealth ofPennsylvania on October 3, 2008, 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, and on October 31, 2008, the Florida Office of Insurance Regulation approved Tokio Marine's proposed acquisition of control of the Company.
The closing of the merger remains subject to other customary closing conditions, but no additional regulatory approvals are required. The Company and Tokio Marine anticipate that the closing of the merger will occur on December 1, 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 acrossthe 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.
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