TOKIO MARINE GETS GO AHEAD FOR PHILADELPHIA BUY

JAPANESE insurer Tokio Marine Holdings has received approval from the Pennsylvania Insurance Department for its proposed acquisition of Philadelphia Consolidated Holding. The two companies have entered into a merger plan in which 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. The merger is expected to close in the fourth quarter of 2008.