Japanese insurer Tokio Marine Holdings Inc. said Wednesday it plans to acquire U.S.-based property and casualty insurer Philadelphia Consolidated Holding Corp. for $4.39 billion cash.

Tokio Marine will pay $61.50 per share in cash for Philadelphia Consolidated, a 73 percent premium to the stock’s $35.55 close Tuesday. The total purchase price is based on Philadelphia Consolidated’s 71.4 million shares outstanding as of April 30.

Tokio Marine valued the deal at $4.7 billion total. It is expected to close in the fourth quarter, subject to regulatory approvals and other closing conditions.

Philadelphia Consolidated has 47 offices and about 1,400 employees nationwide. Executives of the company said in a statement they planned a “substantial investment” in Tokio Marine stock after the deal closes.