HOUSTON, Oct. 29, 2015 (GLOBE NEWSWIRE) — HCC Insurance Holdings, Inc. (HCC) today announced that the financial strength ratings of its major domestic and international insurance companies have been updated by each of HCC’s rating agencies following its acquisition by Tokio Marine Holdings, Inc. (Tokio Marine). HCC’s major domestic and international insurance companies now have financial strength ratings of “AA- (Very Strong)” from Standard & Poor’s Financial Services LLC, “A+ (Superior)” from A.M. Best Company, Inc., “AA- (Very Strong)” from Fitch Ratings, and “A1 (Good Security)” from Moody’s Investors Service, Inc. The outlook for all of these ratings is Stable.
The Standard & Poor’s and Fitch ratings were adjusted one notch lower to align HCC’s rating with Tokio Marine’s (Standard & Poor’s: A+; Fitch: A+) in accordance with their respective ratings methodologies and not as the result of a change in the agencies’ standalone rating profile of HCC. The Moody’s and A.M. Best ratings were unchanged.
“We are very pleased by the decision of S&P and Fitch to maintain our financial strength rating in the AA category and the affirmation of our ratings by A.M. Best and Moody’s. For HCC to be assigned a higher rating than its parent indicates the agencies’ recognition that HCC will continue to maintain its strong balance sheet and operating approach under Tokio Marine,” said Christopher J.B. Williams, HCC’s Chief Executive Officer.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading specialty insurer with offices in the United States, the United Kingdom, Spain and Ireland. As of June 30, 2015, HCC had assets of $11.1 billion and shareholders’ equity of $3.9 billion.
For more information about HCC, please visit http://www.hcc.com.