Tokio Marine : Acquisition of World Wide Specialty Programs’ U.S. Staffing Insurance Business through U.S. subsidiary Philadelphia Insurance CompaniesPDF

January 29, 2021

Tokio Marine Holdings, Inc.

Acquisition of World Wide Specialty Programs'U.S. Staffing Insurance Business through U.S.

subsidiary Philadelphia Insurance Companies

Tokio Marine Holdings, Inc. (President and Group CEO: Satoru Komiya, the "Company") today announced its completion to acquire the U.S. Staffing Insurance Business of World Wide Specialty Programs, Inc.("World Wide"), Managing General Agent i , through its wholly owned subsidiary, Philadelphia Insurance Companies ("PHLY"), on December 31, 2020.

1. Background of the acquisition and the strategic rationale

1. PHLY underwrites Staffing Insurance Business since 2010 with profitable growth of $24M (JPY 2.5 Billionii) in gross written premiums for 2019 and has been seeking growth opportunities.
2. World Wide has been the premiere staffing insurance provider in the industry operating nationwide with the robust brand recognition as well as the superior underwriting expertise over a wide range of industry classes.
3. PHLY will be a leading company in the industry, and gain its competitive advantage with the strong brand and the robust underwriting expertise. In addition, the cost savings opportunity will be available from the combined operations. The staffing industry customers will be better served with PHLY's best-in-class risk management services.

2. Overview of the acquired business

(1)	Company name	World Wide Specialty Programs, Inc.
(2)	Start of business	1965
(3)	Primary office locations	Melville, NY, U.S.A.
(4)	Nature of business	MGA specialized in staffing industry
(5)	Gross written premium	Approximately USD 100 Million (JPY 10.4 Billion) in 2019.
(6)	Number of employees	About 30 employees

3. Overview of PHLY

(1) Company name	Philadelphia Insurance Companies
(2)	Head office	Bala Cynwyd, Pennsylvania
(3)	Nature of business	An insurance company that provides commercial property
		& casualty and professional liability insurance products,

		incorporating value-added coverages and services for
		selected industries.
(4)	Gross written premium	Approximately USD 3,709 Million (JPY 383.9 Billion) in
		2019.
(5)	Shareholder(s)	100% owned by Tokio Marine & Nichido Fire Insurance Co.,
		Ltd. via an intermediary holding company.
(6)	Number of employees	Approximately 2,050 employees

• Managing General Agent; A specialized type of insurance agent or broker that has been granted underwriting authority by an insurer.

1. Exchange rate is $1= JPY 103.50 as of December 31, 2020.