New York — Tokio Marine Holdings Inc. is paying $4.39 billion in cash to acquire Bala Cynwyd, Pa.-based commercial P&C insurer Philadelphia Consolidated Holding Corp.

Scheduled to close in the fourth quarter of 2008, the total transaction is valued at approximately $4.7 billion and is considered the biggest acquisition of a U.S. company by a Japanese financial firm. Acquiring Philadelphia will give Tokyo-based Tokio access to the company’s specialty line customers, who include rental car agencies and non-profit agencies.

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