Tokio Marine Offers 'New Beginnings' for Philadelphia Insurance Companies
September 26 2008 - 1:37PM
PR Newswire (US)
BALA CYNWYD, Pa., Sept. 26 /PRNewswire-FirstCall/ -- Over 500
employees of the Philadelphia Insurance Companies (NASDAQ:PHLY)
joined Chairman & Founder, Mr. James J. Maguire, and President
& CEO, Jamie Maguire in welcoming Mr. Shuzo Sumi, President
& CEO of Tokio Marine Holdings to its Bala Cynwyd headquarters.
James J. Maguire, Chairman & Founder of Philadelphia Insurance
Companies said: "This historical day marks "New Beginnings" for
PHLY -- We are very excited about this great opportunity to take
our Company to the next level." (Photo:
http://www.newscom.com/cgi-bin/prnh/20080926/NEF047 ) Philadelphia
Insurance employees attended a presentation by Mr. Sumi, followed
by an employee Q & A. Employee questions included: "What
attracted Tokio Marine to PHLY; inquiry of Mr. Sumi's professional
background; synergies shared between the cultures of Tokio Marine
and PHLY; Mr. Sumi's plans for future growth." Shuzo Sumi,
President & CEO of Tokio Marine said: "Philadelphia
Consolidated is an excellent strategic fit for us. We believe that
we share common fundamental values and a business philosophy. When
opportunities to acquire a premier organization arise, the best
response is to act. We look forward to a long and successful
partnership." President & CEO, Jamie Maguire announced to
employees: "Joining the Tokio Marine Group with its international
reach will fuel the next stage of our growth and will provide
numerous benefits for our employees, customers, brokers and agents.
Philadelphia Insurance Companies management team is fully committed
to the successful growth of this new partnership. Tokio Marine is
an excellent fit for PHLY; both companies have a long history of
being best-in-breed insurers with a customer driven approach,
disciplined underwriting and a focus on long-term growth and
profitability." Jamie Maguire presented Tokio Marine's CEO with a
team rugby jersey with both companies' logos as a symbol of the new
partnership. The acquisition of Philadelphia Consolidated marks
Tokio Marine's significant expansion into the U.S. market and
effectively complements Tokio Marine's recent international growth
initiatives. With 47 offices and approximately 1,400 employees
across the U.S., Philadelphia Consolidated will provide Tokio
Marine with a solid platform for their P&C business in the U.S.
Philadelphia Consolidated has a consistent record of outperforming
the U.S. P&C industry over many years, and continues to grow,
even during periods when the P&C industry is not experiencing
expansion. When combined with Tokio Marine's financial strength and
international market knowledge, Philadelphia Consolidated's proven
product development capabilities and multi-channel distribution
expertise create a unique opportunity to expand the revenue and
profits of Tokio Marine's international business. 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 PHLY office or for more
information, visit us on the web at http://www.phly.com/.
http://www.newscom.com/cgi-bin/prnh/20080926/NEF047
http://photoarchive.ap.org/ DATASOURCE: Philadelphia Insurance
Companies CONTACT: Paula Negro of Philadelphia Insurance Companies,
+1-800-873-4552, Ext. 3227 Web site: http://www.phly.com/
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