HOUSTON, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Tokio Marine HCC today responded to S&P Global Ratings’ change in its financial strength ratings to “A+” from “AA-” for its core insurance company subsidiaries.
“As indicated in S&P’s announcement, with the closing of the acquisition of Privilege Underwriters, Inc. and its subsidiaries by Tokio Marine Holdings, Inc. through HCC Insurance Holdings, Inc. (Tokio Marine HCC), S&P now views Tokio Marine HCC as ‘Core’ to the Tokio Marine Group. Therefore, Tokio Marine HCC’s financial strength ratings for its core insurance company subsidiaries were equalized with those of its parent. The outlook for these ratings is Positive, reflecting the outlook for the parent and the potential for a ratings upgrade if Japan’s sovereign rating is raised. As further indicated by S&P, our financial risk profile and competitive position remain very strong. We believe our increased collaboration within the Tokio Marine Group provides us with additional growth opportunities,” said Susan Rivera, Tokio Marine HCC’s Chief Executive Officer.
The “A+” financial strength ratings apply to the following insurance company subsidiaries:
- Houston Casualty Company
- Avemco Insurance Company
- U.S. Specialty Insurance Company
- HCC Life Insurance Company
- American Contractors Indemnity Company
- United States Surety Company
- HCC International Insurance Company PLC
- Tokio Marine Europe S.A.
- HCC Reinsurance Company Limited
S&P Global Ratings maintained the “A-” issuer credit rating for HCC Insurance Holdings, Inc. and the CreditWatch Negative, which they expect to resolve within 30 days.
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $38 billion as of September 30, 2019. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “A+ (Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “A+ (Strong)” from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
Contact: Doug Busker, Vice President – Public Relations
Tokio Marine HCC