Tokyo Marine completes Delphi deal
May 16, 2012
Tokyo Marine Holdings and its Tokio Marine & Nichido Fire unit have completed the $2.7bn cash acquisition of Delaware-based specialty insurer Delphi Financial Group. Delphi shares will be suspended from trading on the New York Stock Exchange before market opening on May 16 and will be delisted. With the deal, Fitch has upgraded Delphi’s issuer credit rating to A- from BBB and its three operating units’ financial strength ratings to A+ from A-, citing the expectation capital levels at the units will be maintained and financial support for Delphi “from a strong and large parent company will be available”. ...