Formerly | HCC Insurance Holdings |
---|---|
Company type | Private |
Industry | Insurance |
Founder | Stephen L. Way |
Fate | Acquired by Tokio Marine |
Headquarters | , United States |
Area served | Global |
Key people | Susan Rivera (Chief Executive Officer) Michael Schell (President) Tom Weist (Chief Financial Officer) |
Revenue | $2.3 billion |
$345 million | |
Number of employees | 3,000 |
Divisions | Accident & Health, Surety & Credit, Directors & Officers and Professional Liability, U.S. Property & Casualty, International Property & Casualty |
Website | www |
This article contains content that is written like an advertisement .(January 2024) |
Tokio Marine HCC is an international insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S. [1]
The company (formerly HCC Insurance Holdings, Inc.) was formed as Houston Casualty Company in 1974 by Stephen L. Way. [2] The company reports to have paid shareholder dividends for 67 consecutive quarters. [3] In 2010, it posted $2.6 billion in gross premiums, $2.3 billion in total revenue, earnings of $345 million, and a combined ratio of less than 85%.
On June 10, 2015, the company announced it was being acquired by Japan's Tokio Marine for a fee of $7.5 billion. [4] [5] [6] On October 27, 2015, the company announced the closing of the acquisition by Tokio Marine. The aggregate consideration paid in connection with the merger was approximately $7.5 billion, and the merger became effective at 4:05 p.m. EDT. [7]
Aviation was the first line of insurance provided by Tokio Marine HCC. The company's insurance for aviation includes liability, cargo, and war. HCC Aviation insures approximately 45,000 aircraft in the United States and more than 60 countries worldwide. [8]
Avemco Insurance Company was a stand-alone NYSE company acquired by Tokio Marine HCC in 1997.[ citation needed ] Avemco provides traditional coverage on its standard policy and protects renters and borrowers of general aviation aircraft for non-owned aircraft policy. [9]
Houston Casualty Company Aviation (HC Aviation) writes a combination of international and U.S. commercial aviation insurance. [10] USSIC Aviation writes General Aviation and special risk insurance. General Aviation insurance provides insurance through brokers and agents. USSIC Aviation is the largest insurer of warbirds (that is, propeller- and jet-driven military surplus aircraft owned individually or held by aircraft museums). [11]
The company underwrites Directors and officers liability insurance through its HCC Global subsidiary. The company offers both domestic U.S. and international coverage. The company reports to have relationships with approximately 550 brokers in more than 50 countries. [12]
Tokio Marine HCC offers sports disability insurance to protect against the future loss of earnings of athletes who may become temporarily or permanently disabled and can no longer continue their professional sports career. Coverage is available for the team or individual players. [13]
Houston Casualty Company was authorized by Her Majesty's Treasury in 1998 to operate a full branch office in the United Kingdom. HCC has offices in the United Kingdom, Ireland, and Spain. Tokio Marine HCC is an owner of a Lloyd's managing agency and 100% capital provider of a Lloyd's syndicate. [14]
In anticipation of Brexit, a new insurance company, Tokio Marine Europe S.A. (TME), was set up in Luxembourg, following regulatory approval from the Commissariat aux Assurances (CAA) and the Japanese Financial Services Authority (JFSA). TME operates as a subsidiary of HCC International Insurance Company plc. in partnership with Tokio Marine Kiln. With approval from the High Court of England and Wales, the Part VII process of transferring the existing portfolio of policies written out of Continental European operations to Tokio Marine Europe S.A. was executed. [15]
On May 7, 2018, S&P Global Ratings assigned Tokio Marine Europe S.A. a "AA- (Very Strong)" financial strength rating. [16] The company is based in Houston, Texas, but it also has offices in Connecticut, Frederick (Maryland), Ireland, the United Kingdom, and New York.
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