Tokio Marine to buy Philadelphia Cons

Reuters Tokyo- Tokio Marine Holdings Inc plans to buy non-life insurer Philadelphia Consolidated Holding Corp for about $4.7 billion (2.4 billion pounds), in the largest acquisition by a Japanese financial firm in the United States.

Tokio Marine, Japan’s largest non-life insurer, said it would pay $61.5 in cash for each share of Philadelphia Consolidated Holding, a 73 percent premium to the issue’s closing price on Tuesday of $35.55.

Tokio Marine President Shuzo Sumi told Reuters earlier this month that he was looking at opportunities to acquire U.S. and European competitors to expand outside Japan, where it generates four-fifths of its profits.

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