Delphi Financial's shareholders have approved the merger of the company with Tokio Marine Holdings (TMHD) and TM Investment (Delaware), a wholly-owned subsidiary of TMHD.

As per the deal, which is expected to close by the end of June 2012, Tokio Marine will acquire all outstanding shares of Delphi for $43.875 per Class A share and $52.875 per Class B share in cash.

Delphi stockholders will receive $1.00 in cash per share for each share of Class A and Class B stock they own pursuant to a one-time special dividend from Delphi.

The Japanese company announced in December 2011 that it would acquire the specialty insurance company in a $2.7bn deal in a bid to strengthen its position in the US insurance market.

The transaction is expected to close in the second quarter of 2012 and is subject to the approval of various regulatory authorities in Japan and the US, as well as other customary closing conditions.

Delphi, established in 1987, focuses on specialty insurance and insurance-related businesses.