Tokio Marine to buy Philadelphia Cons for $4.65 bln

TOKYO, July 23 (Reuters) - Japan's Tokio Marine Holdings Inc (8766.T) said it would buy U.S. non-life insurer Philadelphia Consolidated Holding Corp PHLY.O for about 498.7 billion yen ($4.65 billion) to help it expand overseas.

Tokio Marine, Japan's largest non-life insurer, said it would pay $61.5 for each share of Philadelphia Consolidated Holding, a 73 percent premium to its closing price on Tuesday of $35.55. (Reporting by David Dolan and Nathan Layne)