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Tokio Marine HCC today announced it is exiting the bail business through the sale of its bail operations to an undisclosed buyer with an A.M. Best financial strength rating of“A (Excellent)” and a prominent player in the industry. The transaction includes Bail USA, Inc. and all bail bond business written by American Contractors Indemnity Company, U.S. Specialty Insurance Company and United States Surety Company.
“HCC Surety Group is pleased to have reached an agreement under which we can smoothly transfer our entire bail portfolio to a new owner without disrupting operations,employees or agents. The buyer is an established and meaningful participant in the U.S. bail industry, and we believe our employees and bail bond agents will benefit from this transaction,” said Adam S. Pessin, HCC Surety Group’s Chief Executive Officer.
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. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “AA- (Very 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“AA- (Very Strong)” from S&P Global Ratings. Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $34 billion as of December 31, 2018. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
HCC Surety Group is the marketing name used to describe the surety-related insurance operations of Tokio Marine HCC. HCC Surety Group, with offices throughout the United States, is the seventh largest writer of surety business in the United States. Its members, American Contractors Indemnity Company, U.S. Specialty Insurance Company and United States Surety Company, have financial strength ratings of “AA-(Very Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA-(Very Strong)” from Fitch Ratings.
