A.M. Best Withdraws Rating of Philadelphia Consolidated Holding Corp. Following Its Acquisition by Tokio Marine Holdings, Inc

Business Wire, Dec 5, 2008

OLDWICK, N.J. -- A.M. Best Co. has withdrawn and assigned an "nr" to the issuer credit rating (ICR) of "a-" of Philadelphia Consolidated Holding Corp. (Philadelphia Consolidated) (Bala Cynwyd, PA) as a result of the recently completed acquisition of the company by a subsidiary of Tokio Marine Holdings, Inc. (Chiyoda-ku, Tokyo, Japan).

Additionally, the financial strength rating (FSR) of A (Superior) and ICRs of "aa-"of Philadelphia Insurance Companies (Philadelphia Insurance) and its members and the FSR of A- (Excellent) and ICRs of "a-" of Liberty American Insurance Group (Liberty American) and its members are unchanged. Philadelphia Consolidated is the parent holding company of Philadelphia Insurance and Liberty American. The outlook for all ratings is stable. (See below for a detailed listing of the companies and ratings.)

Under the terms of the transaction, the shareholders of Philadelphia Consolidated received $61.50 per share in cash, and the company became a wholly owned subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd. (Tokyo, Japan). The common stock of Philadelphia Consolidated, which prior to the closing traded on the NASDAQ Global Select Market under the symbol "PHLY," ceased to trade before the opening of the market on December 1, 2008 and was delisted as of the close of business that same day. The withdrawal of Philadelphia Consolidated's ICR contemplates that delisting.

The ICR of "a-" has been withdrawn and assigned an "nr" for Philadelphia Consolidated Holding Corp.

The FSR of A (Superior) and ICRs of "aa-" are unchanged for Philadelphia Insurance Companies and its following members:

* Philadelphia Indemnity Insurance Company

* Philadelphia Insurance Company

The FSR of A- (Excellent) and ICRs of "a-" are unchanged for Liberty American Insurance Group and its following members:

* Liberty American Insurance Company

* Liberty American Select Insurance Company

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.