This year, Tokio Marine HCC (TMHCC) celebrates its 50th anniversary.
We were founded in July 1974 by Stephen L. Way as Houston Casualty Company (HCC) in, as the name suggests, Houston, Texas. Stephen had begun his career as a Lloyd’s broker before joining a New York-based MGA, Stewart Smith Insurance Brokers, to underwrite Aviation Insurance. He founded HCC using this experience, to focus entirely on underwriting aviation risks. A line that we still write today, aviation has been a key part of our long-term success.
Fast forward 50 years and HCC has become much more. As part of the Tokio Marine Group since 2015 and operating in over 100 classes of specialty insurance through approximately 4,000 employees in 180 countries, TMHCC is one of the world’s leading specialty insurers. The past half-century has shaped the business, its vision, and its values. We have grown organically and through acquisitions. Each new business has added to our whole, bringing new people, new ideas, and new expertise. Our first acquisition was undertaken over forty years ago when HCC bought the Nelson Company and we haven’t stopped since, with the business’ Public Risk Group acquiring the renewal rights to Intact Insurance Group in August 2023, marking the latest addition to the TMHCC family.
Almost 20 years after HCC opened its doors, we had our first public offering of HCC stock in 1992. By 1996, we were ready to switch our listing to the New York Stock Exchange. The following year, we achieved an A+ rating, which today stands at A++, from A.M. Best Company. This short series of events set the tone for the decades to come. Between 1996 and 1997, we acquired 11 businesses to help deepen and support our underwriting capabilities post-listing.
This string of activity was closely followed by another of our major milestones with the acquisition of The Centris Group in 1999. This laid the groundwork for what would become our medical Stop Loss Group, which is now the 6th largest player in the US by market share.
The advent of the new millennium accelerated our growth even further. For example, in 2001, we acquired Professional Indemnity Agency and ASU International which boosted our sports & entertainment capabilities; in 2002, we launched our professional indemnity offering in the UK with the acquisition of Dickson Manchester, our financial lines offering worldwide with the acquisition of MAG Global Financial Products, and two years later, our surety business in the US with the acquisition of Surety Associates.
In 2005, we strengthened our position in the surety and credit business across Europe with the acquisition of DeMontfort. This was coupled in the same year with the launch of our trade credit and political risk lines through the purchase of United States Surety Company (USSC).
A landmark moment in our history was in 2015 with the $7.5 billion acquisition of HCC Insurance Holdings, Inc. (HCC) by Tokio Marine Holdings, Inc. (TMHD), making us a member of the Tokio Marine Group of companies. As the biggest M&A deal that year involving a Japanese company, this significant milestone accelerated our growth and deepened our global network. HCC had gained the backing of a multi-billion insurance giant of deep expertise and with a global footprint few could rival. Welcomed into the Tokio Marine team, we took on part of their name to become Tokio Marine HCC (TMHCC), as we are known today.
The following years were dominated by a similar drumbeat of strategic acquisitions: in 2016, On Call International (travel risk management solutions); in 2017, International Ag Insurance Solutions (now supporting our crop business as part of ProAg); and in 2019, NAS Insurance Services (now Cyber and Professional Lines Group) amongst others. In line with our commitments to net zero, in 2020, we acquired GCube, the second-largest renewable energy insurance underwriter in the world.
This long history of growth has established TMHCC as a leader within our industry and a trailblazer in the specialty insurance landscape. After half a century of successful expansion, we now have a presence in over 180 countries, and underwrite more than 100 classes of specialty insurance.
We’ve come a long way since our sole focus on aviation and expect to look back with pride on our history once again 50 years from now, after another half-century of success.
We want to express our deepest gratitude to all of our employees, clients, brokers, and agents who have contributed to these five decades of excellence.
