Thursday, February 11, 2016

Maguires: Philadelphia's newest billionaires

James J. Maguire Sr. and his family will collect around $800 million of the $4.4 billion Tokio Marine Holdings will pay for Philadelphia Consolidated Holdings Corp., which Maguire founded over 40 years ago. They're plowing much of that fortune back into Tokio.

Maguires: Philadelphia's newest billionaires


  James J. Maguire Sr. and his family will gross around $800 million on the $4.4 billion cash sale of the publicly-traded company they lead, Philadelphia Consolidated Holdings Corp., an old-fashioned insurer with its own national agent network, to Tokio Marine Holdings. Inquirer story here.
  Tokio expects senior management, which includes four of Maguire's eight children, to keep coming to work. "The key to success of this deal is a strong committment from the management team," said Tokio president Shuzo Sumi in yesterday's conference call. 
  Also, "Jamie and the other top management are going to make substantial personal investment in Tokio Marine Holdings stock," Sumi said.
  And it looks like no immediate change for the 600 workers at Philadelphia Consolidated's Bala Cynwyd headquarters or its 800 field agents and support staff: "We do not see any redundancy." 
  Sumi and Maguire started talks in February.

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Joseph N. DiStefano
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