A.M. Best Comments on the Announced Acquisition of Philadelphia Consolidated Holding Corp. by Tokio Marine Holdings, Inc.
August 06 2008 - 4:30PM
Business Wire
A.M. Best Co. has commented that the issuer credit rating (ICR) of
�a-� of Philadelphia Consolidated Holding Corp. (Philadelphia
Consolidated) (Bala Cynwyd, PA) (NASDAQ: PHLY) is unchanged as a
result of the recent announcement that Tokio Marine Holdings, Inc.
(Tokio Marine) (Chiyoda-ku, Tokyo, Japan) had entered into a
definitive agreement to acquire Philadelphia Consolidated.
Additionally, A.M. Best�s financial strength rating (FSR) of A+
(Superior) and ICRs of �aa-�of Philadelphia Insurance Companies
(Philadelphia Insurance) and its members and FSR of A- (Excellent)
and ICRs of �a-� of Liberty American Insurance Group (Liberty
American) and its members are unchanged. Philadelphia Consolidated
is the parent holding company of Philadelphia Insurance and Liberty
American. The outlook for all ratings is stable. (See below for a
detailed listing of the companies and ratings.) The announced
acquisition stipulates that Tokio Marine would acquire all
outstanding shares of Philadelphia Consolidated for $61.50 per
share, in cash. The total transaction value is approximately $4.7
billion. The actual purchase would be made through Tokio Marine�s
wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance
Co. Ltd. (Tokyo, Japan). In concurrence with the acquisition,
Philadelphia Consolidated is expected to be delisted and its ICR
withdrawn. The acquisition is expected to close in fourth quarter
2008 and is subject to the customary regulatory approvals. The ICR
of �a-� is unchanged for Philadelphia Consolidated Holding Corp.
The FSR of A+ (Superior) and ICRs of �aa-� are unchanged for
Philadelphia Insurance Companies and its following members:
Philadelphia Indemnity Insurance Company Philadelphia Insurance
Company The FSR of A- (Excellent) and ICRs of �a-� are unchanged
for Liberty American Insurance Group and its following members:
Liberty American Insurance Company Liberty American Select
Insurance Company For Best�s Ratings, an overview of the rating
process and rating methodologies, please visit
www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a
global full-service credit rating organization dedicated to serving
the financial and health care service industries, including
insurance companies, banks, hospitals and health care system
providers. For more information, visit www.ambest.com.
Philadelphia Consolidated (NASDAQ:PHLY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Philadelphia Consolidated (NASDAQ:PHLY)
Historical Stock Chart
From Jul 2023 to Jul 2024