HCC on NYSE

Tokio Marine HCC

Logo: Vector&SVGLover, CC BY-SA 4.0, via Wikimedia Commons5

International specialty insurance group

Tokio Marine HCC is an international insurance group with offices across the United States, the United Kingdom, Spain, and Ireland.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1974Founded1

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  • TickerHCC on NYSE1
  • Industryinsurance1
  • HeadquartersHouston1
  • Websitewww.tmhcc.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address16243 Highway 216, Brookwood, Al 354446
  • Filer categoryLarge accelerated filer6
  • LEI5493001DQPVEHK4GUJ154
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered address1209 ORANGE STREET, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 22585934

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Tokio Marine HCC is an international insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.5%Operating margin8
4.4%Net margin8
-14.1%Revenue growth, 20258
2.7%Return on equity8
0.07×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 97% of the revenue Tokio Marine HCC broke down this way in fiscal 2025.

  1. Product$1.3B897%down 15% from 2024
  2. Product and Service, Other$33.0M83%up 31% from 2024
Products and services by year
Products and services202320242025
Product$1.6B$1.5B$1.3B
Product and Service, Other$28.6M$25.2M$33.0M

Business segments

Mining brought in 97% of the revenue Tokio Marine HCC broke down this way in fiscal 2025.

  1. Mining$1.3B897%down 15% from 2024
  2. Other Operating$33.0M83%up 31% from 2024
Business segments by year
Business segments202320242025
Mining$1.6B$1.5B$1.3B
Other Operating$28.6M$25.2M$33.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue75¢$982.4M
  • Selling, general and admin5¢$65.7M
  • Other costs15¢$202.4M
  • Income tax0¢$2.6M
  • Profit4¢$57.0M

Out of $1.3B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid8¢$17.8M
  • Kept or used elsewhere92¢$211.4M

Out of $229.2M of cash from operations.8

Financial statements

Revenue91011128$1.3B in 2025+3% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.3B$1.3B20192020: $782.7M$782.7M2020−38%2021: $1.1B$1.1B2021+35%2022: $1.7B$1.7B2022+64%2023: $1.7B$1.7B2023−4%2024: $1.5B$1.5B2024−9%2025: $1.3B$1.3B2025−14%
Operating income91011128$45.7M in 2025−88% since 2019
-$250.0M0$250.0M$500.0M$750.0M$1.0B2019: $383.4M$383.4M20192020: -$27.1M-$27.1M20202021: $243.8M$243.8M20212022: $801.4M$801.4M2022+229%2023: $541.4M$541.4M2023−32%2024: $254.9M$254.9M2024−53%2025: $45.7M$45.7M2025−82%
Net income91011128$57.0M in 2025−81% since 2019
-$200.0M0$200.0M$400.0M$600.0M$800.0M2019: $301.7M$301.7M20192020: -$35.8M-$35.8M20202021: $150.9M$150.9M20212022: $641.3M$641.3M2022+325%2023: $478.6M$478.6M2023−25%2024: $250.6M$250.6M2024−48%2025: $57.0M$57.0M2025−77%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Total revenues$1.3B$1.5B$1.7B
Cost of sales (exclusive of items shown separately below)$982.4M$1.0B$910.3M
Cost of other revenues (exclusive of items shown separately below)$27.7M$45.4M$37.5M
Depreciation and depletion$188.6M$154.0M$127.4M
Selling, general and administrative$65.7M$63.1M$51.8M
Business interruption$19.0K$524.0K$8.3M
Total costs and expenses$1.3B$1.3B$1.1B
Operating income$45.7M$254.9M$541.4M
Interest expense-$9.7M-$4.3M-$18.0M
Interest income$18.5M$33.0M$40.7M
Loss on early extinguishment of debt$0$0-$11.7M
Other expense$0$0-$1.0M
Income before income taxes$54.4M$283.7M$551.4M
Income tax (benefit) expense-$2.6M$33.1M$72.8M
Net income$57.0M$250.6M$478.6M
Net income per share - basic$1.08$4.79$9.21
Net income per share - diluted$1.08$4.79$9.20
Weighted average number of shares outstanding - basic52.6M shares52.3M shares52.0M shares
Weighted average number of shares outstanding - diluted52.6M shares52.3M shares52.0M shares
Dividends per share:$0.32$0.82$1.16

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The story

The company (formerly HCC Insurance Holdings, Inc.) was formed as Houston Casualty Company in 1974 by Stephen L. Way.

On June 10, 2015, the company announced it was being acquired by Japan's Tokio Marine for a fee of $7.5 billion. On October 27, 2015, the company announced the closing of the acquisition by Tokio Marine. The aggregate consideration paid in connection with the merger was approximately $7.5 billion, and the merger became effective at 4:05 p.m. EDT.

From Wikipedia’s article on Tokio Marine HCC, shared under CC BY-SA 4.0.7

Leadership

Who has led Tokio Marine HCC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Walter J. Scheller2017–now

Chief financial officer

  1. Dale W. Boyles2017–now
19801990200020102020
Board members and other officers (16)

Products and brands

Houston Casualty Company was authorized by Her Majesty's Treasury in 1998 to operate a full branch office in the United Kingdom. HCC has offices in the United Kingdom, Ireland, and Spain. Tokio Marine HCC is an owner of a Lloyd's managing agency and 100% capital provider of a Lloyd's syndicate.

In anticipation of Brexit, a new insurance company, Tokio Marine Europe S.A. (TME), was set up in Luxembourg, following regulatory approval from the Commissariat aux Assurances (CAA) and the Japanese Financial Services Authority (JFSA). TME operates as a subsidiary of HCC International Insurance Company plc. in partnership with Tokio Marine Kiln. With approval from the High Court of England and Wales, the Part VII process of transferring the existing portfolio of policies written out of Continental European operations to Tokio Marine Europe S.A. was executed.

On May 7, 2018, S&P Global Ratings assigned Tokio Marine Europe S.A. a "AA- (Very Strong)" financial strength rating.

From Wikipedia’s article on Tokio Marine HCC, shared under CC BY-SA 4.0.7

Acquisitions

In 1996, the company acquired LDG Management Company.

In 1997, the company acquired Managed Group Underwriting.

In 1998, the company acquired Guarantee Insurance Resources.

In 1999, the company acquired Centris Group Inc. (insurance company). The same year, the company also acquired Midwest Stop Loss Underwriters.

Read the full text

In 2002, the company acquired Dickson Manchester Ltd. and MAG Global Financial Products.

In 2004, the company acquired American Contractors Indemnity Company and RA&MCO Insurance companies.

In 2005, the company acquired US Surety company, DeMontfort Group, Ltd., Perico Ltd., MIC Life Insurance, and the Ilium Insurance Group.

In 2006, the company acquired Novia Underwriters, Inc., G.B. Kenrick & Associates, and the Health Products Division of Allianz Life Insurance.

In 2008, the company acquired Cox Insurance Group, Arrowhead Public Risk, VMGU Insurance Agency, the Surety Company of the Pacific, and MultiNational Underwriters.

In 2009, the company sold its reinsurance brokerage business Rattner MacKenzie Limited and transferred rights relating to brown water marine to its original owner. The company also combined two of its Lloyd's syndicates. The company formed a Property Treaty underwriting team.

In 2010, the company started a Technical Property division.

In 2011, the company opened Primary Casualty and Excess Casualty divisions.

In 2013, the company expanded into the North American construction property risks market and began offering builders risk treaty reinsurance from its London office.

In 2015, the company acquired Producers Ag Insurance Group (ProAg), a writer of crop insurance.

In 2016, the company acquired Bail USA, Inc., a wholesale bail agency and On Call International.

In 2017, the company acquired AIG's Medical Stop-Loss and Organ Transplant operations.

In 2018, the company acquired Qdos Contractor, a provider of insurance products and services to the UK.

In 2019, the company acquired NAS Insurance Services, LLC.

In 2020, the company acquired GCube.

From Wikipedia’s article on Tokio Marine HCC, shared under CC BY-SA 4.0.7

Former names

  • WARRIOR MET COAL, LLCJan 30, 2017 to Apr 13, 20176

Timeline

  1. Apr 13, 2017New chief executive Walter J. Scheller becomes CEO17
  2. Apr 12, 2017Went public Listed on NYSE1
  3. 1974Founded Founded1

Filings

318 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 47 major events, 171 insider forms, 28 large holders, 51 other. The latest 20:

  1. Sep 25, 2026SD EDGAR
  2. Aug 26, 20264 EDGAR
  3. Aug 24, 2026144 EDGAR
  4. Aug 21, 20264 EDGAR
  5. Aug 21, 20264 EDGAR
  6. Aug 21, 20264 EDGAR
  7. Aug 19, 2026144 EDGAR
  8. Aug 6, 2026SCHEDULE 13G EDGAR
  9. Aug 6, 2026SCHEDULE 13G/A EDGAR
  10. Aug 5, 202610-Q EDGAR
  11. Aug 5, 20268-K EDGAR
  12. Jun 4, 20264 EDGAR
  13. Jun 2, 2026144 EDGAR
  14. May 15, 2026SCHEDULE 13G/A EDGAR
  15. Apr 30, 2026SCHEDULE 13G EDGAR
  16. Apr 30, 202610-Q EDGAR
  17. Apr 30, 20268-K EDGAR
  18. Apr 29, 2026SCHEDULE 13G EDGAR
  19. Apr 27, 20264 EDGAR
  20. Apr 27, 20264 EDGAR

The 318 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 3 buys and 19 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 24, 2026SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale50,000$110.00$5.5MForm 4
Aug 19, 2026Williams Stephen D.DirectorSale4,800$104.23$500.3KForm 4
Aug 19, 2026Chopin Brian MCHIEF ACCOUNTING OFFICERSale3,232$104.02$336.2KForm 4
Aug 19, 2026SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale50,000$105.00$5.2MForm 4
Jun 2, 2026Gant Kelli K.See remarksSale20,000$110.00$2.2MForm 4
Jan 12, 2026Gant Kelli K.See remarksSale10,000$100.00$1.0MForm 4
Jan 12, 2026SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale100,000$100.31$10.0MForm 4
Nov 13, 2025Chopin Brian MCHIEF ACCOUNTING OFFICERSale1,498$80.54$120.6KForm 4
Nov 12, 2025Chopin Brian MCHIEF ACCOUNTING OFFICERSale585$84.75$49.6KForm 4
Nov 6, 2025SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale18,966$75.00$1.4MForm 4
May 22, 2025Richardson Jack K.CHIEF OPERATING OFFICERBuy1,815$46.43$84.3KForm 4
Nov 8, 2024SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale1,222$75.05$91.7KForm 4
Nov 7, 2024SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale6,664$75.02$499.9KForm 4
Jul 3, 2024SCHELLER WALTER JCHIEF EXECUTIVE OFFICERSale23,148$75.15$1.7MForm 4
Jul 3, 2024Gant Kelli K.See remarksSale10,000$75.06$750.6KForm 4
Feb 23, 2024SCHUMACHER ALAN HDirectorBuy2,000$58.15$116.3KForm 4
Nov 8, 2023Williams Stephen D.DirectorSale80,000$45.60$3.6MForm 4
Sep 13, 2023Chopin Brian MCHIEF ACCOUNTING OFFICERSale2,816$45.00$126.7KForm 4
Sep 13, 2023Chopin Brian MCHIEF ACCOUNTING OFFICERSale2,816$45.00$126.7KForm 4
Aug 11, 2022Schnorr Lisa M.DirectorBuy1,500$32.01$48.0KForm 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First Eagle Investment Management, LLC7,758,116$629.6M0.5%New
BlackRock, Inc.7,472,934$606.5M0.0%+21,254
State Street Corp4,041,591$328.0M0.0%−357,086
Vanguard Portfolio Management LLC3,290,770$267.1M0.0%+25,703
Vanguard Capital Management LLC2,377,432$193.0M0.0%+17,088
Fmr LLC2,103,756$170.7M0.0%−644,715
Dalal Street, LLC1,744,050$141.5M43.3%−66,781
Dimensional Fund Advisors LP1,670,067$135.5M0.0%+37,833
Geode Capital Management, LLC1,515,858$123.1M0.0%+62,701
Allianz Asset Management GmbH1,375,770$112.1M0.1%+44,316
Boston Partners1,233,340$100.1M0.1%+1,185,052
Goehring & Rozencwajg Associates, LLC951,045$77.2M4.4%+352,932
Capital International Investors894,031$72.6M0.0%−194,232
Renaissance Technologies LLC831,681$67.5M0.1%+20,900
Charles Schwab Investment Management Inc791,601$64.2M0.0%−46,195
Goldentree Asset Management LP652,071$52.8M3.1%New
Hosking Partners LLP634,480$51.5M1.7%−22,342
Northern Trust Corp567,946$46.1M0.0%+66,815
Invesco Ltd.494,628$40.1M0.0%+78,339
UBS Group AG488,914$39.7M0.0%+99,924
Morgan Stanley487,017$39.5M0.0%−74,964
American Century Companies Inc448,408$36.4M0.0%−590,271
Vaughan Nelson Investment Management, L.P.440,840$35.8M0.3%New
Bank of New York Mellon Corp384,435$31.2M0.0%−7,364
Vanguard Fiduciary Trust Co374,231$30.4M0.0%+33,381

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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