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Posted AT 8:17 AM EST on 23/07/08

Tokio Marine makes $4.7-billion U.S purchase

DAVID DOLAN

TOKYO

Reuters — Tokio Marine Holdings Inc will buy property and casualty insurer Philadelphia Consolidated Holding Corp for about $4.7-billion (U.S.), in the largest acquisition by a Japanese financial firm in the United States. Japan's largest property and casualty insurer said it would pay $61.5 in cash for each share of Philadelphia Consolidated, a 73 per cent premium to Tuesday's closing price of $35.55.

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