S&P revises Tokio Marine Group outlook to positive; A+ ratings affirmed
TL;DR
S&P affirms Tokio Marine HCC's 'AA-' ratings with a positive outlook, citing strong financials and risk management. The outlook reflects potential for further improvement in its market position.
S&P revises Tokio Marine Group outlook to positive; A+ ratings affirmed
S&P Affirms Tokio Marine HCC Ratings with Positive Outlook
February 20, 2026
Standard & Poor’s Global Ratings has reaffirmed its “AA- (Very Strong)” financial strength ratings for core subsidiaries of Tokio Marine HCC, with a “Positive” outlook for these ratings. Additionally, the rating agency confirmed an “A-” issuer credit rating for HCC Insurance Holdings, Inc., the parent company.
The “AA-” ratings apply to 10 insurance subsidiaries, including Houston Casualty Company, Avemco Insurance Company, and U.S. Specialty Insurance Company, among others. S&P cited Tokio Marine HCC’s “sound balance sheet, underwriting-focused business strategy, history of profitable results, and effective enterprise risk management” as key factors supporting the ratings. The positive outlook reflects the company’s capacity to further strengthen its financial position amid evolving market conditions.
Tokio Marine HCC, headquartered in Houston, operates as a specialty insurance group with a presence in the U.S., Mexico, the U.K., and Continental Europe. Its domestic insurers also hold “A++ (Superior)” ratings from A.M. Best and “AA- (Very Strong)” from Fitch Ratings, while international subsidiaries maintain “AA-” ratings from S&P. The company is part of the larger Tokio Marine Group, a global insurer with a market capitalization of $34 billion as of December 31, 2018.
CEO Susan Rivera emphasized that the ratings affirmation underscores the organization’s commitment to disciplined underwriting and risk management. The ratings are critical for maintaining customer confidence and supporting the company’s long-term strategic goals.
This reaffirmation highlights Tokio Marine HCC’s resilience in a competitive insurance landscape and aligns with broader trends of stability within the Tokio Marine Group. Investors and industry stakeholders will likely view the positive outlook as a validation of the company’s operational and financial discipline.
Source: Tokio Marine HCC Press Release
