Further to our announcement on June 10, 2015, Tokio Marine Holdings, Inc. (President: Tsuyoshi Nagano, "TMHD") is pleased to announce that it has completed its acquisition of HCC Insurance Holdings, Inc. (“HCC”), a U.S. insurance holding company comprising property & casualty, accident & health and other specialty insurance businesses, following the satisfaction of all conditions of the acquisition, including approval from HCC's shareholders and all the relevant authorities.
On October 27, 2015 U.S. Eastern Daylight Time (October 28 Japan Standard Time), the acquisition was completed by filing the certificate of merger with the Secretary of State of the State of Delaware. HCC has now joined the Tokio Marine Group as a wholly owned subsidiary of Tokio Marine & Nichido Fire Insurance Co., Ltd. and will be delisted from the New York Stock Exchange. Total consideration for the acquisition is approximately USD 7.5 billion.
The financial results of HCC will be consolidated into the financial statements of TMHD from the first quarter of fiscal year 2016 onwards.
Cautionary Statement Concerning Forward-Looking Information
Certain statements in this release may constitute "forward-looking statements." Actual results could differ materially from those projected or forecast in the forward-looking statements. TMHD assumes no obligation to, and expressly disclaims any obligation, to update the information in this release, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Completion of Acquisition of HCC Insurance Holdings, Inc.
October 28, 2015
Tokio Marine Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
TSE code number: 8766