Tokio Marine HCC Announces Leadership Transition
Tokio Marine HCC is undergoing a significant leadership transition with the retirement of its longstanding President, Mike Schell, at the end of March 2025, according to an announcement made on March 5, 2025. Barry Cook, currently CEO of Tokio Marine HCC International, will take on the newly created role of Deputy CEO, effective April 1, 2025, marking a strategic shift in the company’s executive structure.
Schell, who joined Tokio Marine HCC in 2002, is concluding a career spanning over five decades in the insurance industry, with previous roles at St. Paul Companies and Insurance Company of North America. His contributions have been widely recognized within Tokio Marine HCC.
“Mike’s contribution to our leadership team, to our culture, to our business and to our industry has been immense. For 23 years, he has been a central figure at Tokio Marine HCC. Has guided us through market cycles, helped us overcome industry challenges and been a key player in the growth and success of our business,” stated Susan Rivera, CEO of Tokio Marine HCC. “His experience, insights and expertise have been invaluable assets to me, my colleagues on the leadership team and throughout Tokio Marine HCC. We will miss him and his counsel dearly.”
Reflecting on his tenure, Schell expressed pride in the evolution of the company. “I am proud of what we have achieved at Tokio Marine HCC over the past 23 years. The business is unrecognizable from the company I joined due to its expanded product offering and global reach. It has been a privilege to be a part of its countless successes, to work with such talented and resolute people, and to be part of the journey,” Schell commented.
Cook, who also leads Tokio Marine HCC International, acknowledged Schell’s lasting impact on the company, stating, “Mike is a market stalwart who has made an exceptional contribution to Tokio Marine HCC and to our industry. His dedication and commitment throughout an incredible career have set a standard which few will match.”
Company’s Strong Financial Performance
Schell’s departure is taking place during a period of strong financial performance for Tokio Marine Holdings, Tokio Marine HCC’s parent company. Despite a minor decrease in total assets, the company has reported substantial growth in profitability.
For the nine months leading up to December 31, 2024, Tokio Marine saw its ordinary income increase year-over-year by ¥615.0 billion, reaching ¥6,249.6 billion. This growth was notably driven by underwriting income, which reached ¥4,540.0 billion, and investment income, which totaled ¥1,580.9 billion. During the same period, ordinary expenses decreased by ¥14.2 billion, leading to an ordinary profit increase of ¥629.3 billion, for a total of ¥1,219.1 billion. Net income attributable to owners of the parent saw a substantial rise of ¥377.7 billion, reaching ¥895.2 billion.
The company has updated its forecast for full-year adjusted net income, increasing it by ¥40 billion, pointing to robust international underwriting results and accelerated sales of business-related equities as critical factors.
Breaking down performance by segment, Tokio Marine’s international insurance division experienced a significant growth trajectory, with ordinary income increasing by ¥211.9 billion to ¥3,058.3 billion and ordinary profit increasing by ¥28.6 billion, reaching ¥353.2 billion. The domestic non-life insurance sector also showed a strong performance, with ordinary profit increasing by ¥599.8 billion to ¥823.4 billion.
Despite ongoing global economic uncertainty, Tokio Marine shows continued progress, leveraging the recovery of the U.S. economy and steady demand in Europe. Simultaneously, the company remains cautious as it manages the challenges presented by economic conditions in China and Japan’s slower economic growth.
Future Outlook
With its solid financial results and a clear succession plan, Tokio Marine HCC is positioned for sustained growth. The appointment of Cook as Deputy CEO is anticipated to provide stability and support the company’s strategic objectives.
In the meantime, Schell leaves behind a legacy of leadership and expansion that has helped shape Tokio Marine HCC into a leading global specialty insurer.
