PHLY Philadelphia Consolidated Corp (MM)

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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