Delphi Financial Group announced the closing of its acquisition with Tokio Marine Holdings, Inc. today. Safety National Casualty Corporation, formerly a wholly-owned subsidiary of Delphi Financial Group, is now a member of the Tokio Marine Holdings Group as a result of this transaction.
"We are extremely pleased to be joining forces with one of the world's elite insurance companies," said Mark Wilhelm, CEO of Safety National. "Tokio Marine's A++ Best rating and financial size, with approximately $200 billion in assets, will offer Safety National unquestioned financial security for the future. Tokio Marine's previous high-profile acquisitions of Philadelphia Insurance Companies and Kiln Group Limited demonstrate their desire to build a top-tier global group of insurance companies. We are proud to be among this group and look forward to the benefits that this merger will provide to our brokers and policyholders."
Safety National's executive management team will remain intact and the merger closing will have no affect on Safety National's day-to-day operations.
"We are fully committed to this new relationship with Tokio Marine Holdings," states Jerry Scott, president of Safety National. "This transaction offers new synergies and opportunities for our corporation without hindering our ability to continue on as the market leader in excess workers' compensation. It's a positive development for all parties."
Safety National and Tokio Marine Holdings will now begin analyzing their respective markets in an effort to identify new and unique products to add to their offerings.