Tokio Marine’s Philadelphia Unit Buys Ignyte Unit in $615M Deal

Philadelphia Insurance, a unit of Tokio Marine Holdings, said it has acquired the collector vehicle division from Carlyle-backed Ignyte Insurance for $615 million.

• The deal brings four collector vehicle insurance brands and over 250 employees to Philadelphia Insurance, the company says in a statement
• Those brands insure a broad range of specialty vehicles from antiques and hot rods to exotics, motorcycles, and classic trucks, according to the statement

To contact the reporter on this story:
Taiga Uranaka in Tokyo at turanaka@bloomberg.net

To contact the editor responsible for this story:
Ken McCallum at kmccallum4@bloomberg.net

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