Houston Casualty Company, Texas: Overview, Contacts, Services, Financial Aspects, Claim, Customer Reviews

Houston Casualty Company: A Superior Choice for Specialty Insurance

If you are looking for a reliable and reputable insurance company that offers a wide range of specialty insurance products, you might want to consider Houston Casualty Company (HCC).

HCC is an international specialty insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S.A. but has major offices in Atlanta, Barcelona, Boston, Chicago, Dallas, Detroit, Farmington (CT), Frederick (MD), Ireland, Leicester (UK), London, Los Angeles, Madrid, Mount Kisco (NY), and New York City.

 

An image Illustration of Houston Casualty Company
Photo Courtesy: Phaidon

 

HCC Company History and Details

HCC was formed as Houston Casualty Company in 1974 by Stephen L. Way. Since the company’s founding, it has been consistently profitable, generally reporting annual increases in revenue and shareholder’s equity. The company reports to have paid shareholder dividends for 67 consecutive quarters. In 2010, it posted $2.6 billion on gross premiums written, $2.3 billion in total revenue, earnings of $345 million, and Combined Ratio of less than 85%. Assets exceed $9.1 billion. HCC was ranked 827 in the 2009 edition of the Fortune 1000.

On June 10, 2015, the company announced it was being acquired by Japan’s Tokio Marine for a fee of $7.5 billion123. 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.

The current CEO of HCC is Susan Rivera, who joined the company in September 2018. She has over 30 years of experience in the insurance industry and has held various leadership positions at AIG, ACE Group (now Chubb), and Argo Group.

The president of HCC is Michael Schell, who has been with the company since 1994 and has served as president since 2006. The chief financial officer of HCC is Tom Weist, who joined the company in 2016 and has over 25 years of experience in finance and accounting.

 

Houston Casualty Company Partnership and Affiliates

HCC is a member of Tokio Marine Group, one of the largest and most diversified insurance groups in the world. Tokio Marine Group operates in over 40 countries and regions and provides a broad range of insurance products and services to individuals and businesses. Tokio Marine Group has a strong financial rating of A++ (Superior) from A.M. Best, AA- (Very Strong) from Standard & Poor’s, and AA- (Very Strong) from Fitch Ratings.

HCC also has several affiliated companies that operate under its umbrella. These include:

Avemco Insurance Company: A leading provider of aircraft insurance for general aviation pilots and owners in the U.S.

HCC Life Insurance Company: A provider of medical stop-loss insurance for self-funded employer groups in the U.S.

Houston Casualty Compay Specialty Underwriters: A provider of specialty insurance products such as event cancellation, contingency, weather risk management, film production insurance, sports disability insurance, kidnap & ransom insurance, and more

HCC Surety Group: A provider of surety bonds for construction contractors, commercial businesses, public entities, and individuals in the U.S., Canada, Mexico, Puerto Rico, Spain, Brazil, and Colombia

Professional Indemnity Agency: A provider of professional liability insurance for architects, engineers, lawyers, accountants, and other professionals in the U.S.

HCC also partners with various organizations and associations to offer customized insurance solutions for their members or clients.

Some of these include:

American Institute of Architects: HCC offers professional liability insurance for architects through its subsidiary Professional Indemnity Agency

National Association of Broadcasters: HCC offers event cancellation insurance for broadcasters through its subsidiary HCC Specialty Underwriters

American Society of Civil Engineers: HCC offers professional liability insurance for engineers through its subsidiary Professional Indemnity Agency

National Association of Realtors: HCC offers errors & omissions liability insurance for realtors through its subsidiary Real Estate Risk Services

Next is National Rifle Association: HCC offers firearms liability insurance for NRA members through its subsidiary Lockton Affinity

Services Offered by Houston Casualty Company

HCC offers a wide range of specialty insurance products and services for various industries and sectors. Some of the main types of insurance that HCC offers are:

Accident & Health: This includes medical stop-loss, short-term domestic & international medical, HMO reinsurance, and medical excess insurance

Aviation: This includes hull & liability, airport liability, aviation products liability, and aviation war risk insurance

Commercial Multiple Peril: This includes property, general liability, crime, inland marine, and equipment breakdown insurance

Directors & Officers and Professional Liability: This includes directors & officers liability, errors & omissions liability, fiduciary liability, employment practices liability, cyber liability, and media liability insurance

International Property & Casualty: This includes property, general liability, workers’ compensation, automobile liability, and marine cargo insurance for businesses operating outside the U.S.

Other Liability: This includes claims-made and occurrence-based liability insurance for various exposures such as environmental, product recall, excess & umbrella, public entity, title, residual value, disability, kidnap & ransom, contingency, brown water marine, criminal justice service operations, and technical property

Surety & Credit: This includes contract surety bonds, commercial surety bonds, and credit insurance

HCC also offers special packages and programs for specific industries or groups such as:

Agriculture: HCC offers crop insurance for farmers and ranchers in the U.S.

Education: HCC offers property & casualty insurance for public and private schools, colleges, and universities in the U.S.

Energy: HCC offers property & casualty insurance for oil and gas exploration and production companies in the U.S. and Canada

Entertainment: HCC offers event cancellation insurance for concerts, festivals, sports events, trade shows, and other events in the U.S. and worldwide

Healthcare: HCC offers professional liability insurance for physicians, hospitals, clinics, and other healthcare providers in the U.S.

Hospitality: HCC offers property & casualty insurance for hotels, motels, resorts, casinos, and other hospitality businesses in the U.S.

Manufacturing: HCC offers property & casualty insurance for manufacturers of various products in the U.S.

Nonprofit: HCC offers property & casualty insurance for nonprofit organizations such as charities, foundations, and associations in the U.S.

Real Estate: HCC offers property & casualty insurance for real estate owners, managers, developers, and brokers in the U.S.

Technology: HCC offers property & casualty insurance for technology companies such as software developers, hardware manufacturers, and internet service providers in the U.S.

HCC has a global presence and can provide coverage for businesses operating in over 200 countries and territories. HCC has a network of local partners and agents who can assist with underwriting, claims handling, and regulatory compliance in different jurisdictions.

How to Contact Houston Casualty Company

If you are interested in getting a quote or purchasing a policy from HCC, you can contact them through various channels. Here are some of their basic contact information:

Contact Information Details
Phone (713) 462-1000
Fax (713) 462-4210
Email info@tmhcc.com
Address 13403 Northwest Freeway Houston, Texas 77040-2401
Website www.tmhcc.com
Customer Service (800) 447-7649
Operating Hours Monday to Friday, 8:00 a.m. to 5:00 p.m. CST

 

 

 

Financial Aspects of Houston Casualty Company

HCC is a financially strong and stable company that has a proven track record of profitability and growth. Furthermore, HCC has a strong balance sheet with over $9 billion in assets and over $3 billion in shareholders’ equity as of June 30, 2023.

HCC has a low leverage ratio of 19.6% and a high interest coverage ratio of 18.9 times as of June 30, 2023. It has a conservative investment portfolio with over 90% of its investments in fixed income securities with an average credit quality of AA as of June 30, 2023.

HCC also has a solid reputation for paying claims promptly and fairly. Additionally, HCC has a high claims-paying ability rating of A+ (Superior) from A.M. Best, AA- (Very Strong) from Standard & Poor’s, and AA- (Very Strong) from Fitch Ratings. HCC has a low loss ratio of 54.8% and a high retention ratio of 86.6% as of June 30, 2023.

HCC also offers competitive premium rates for its specialty insurance products and services.  The Company also offers various payment options for its customers such as monthly, quarterly, semi-annually, or annually. HCC also offers discounts and promotional offers for certain groups or customers such as:

Multi-policy discount: HCC offers a discount for customers who purchase more than one type of insurance from HCC

Loyalty discount: HCC offers a discount for customers who renew their policies with HCC

Group discount: HCC offers a discount for customers who belong to certain associations or organizations that partner with HCC

Early bird discount: HCC offers a discount for customers who purchase their policies in advance of the effective date

Online discount: HCC offers a discount for customers who purchase their policies online through the HCC website

Why Choose HCC ?

HCC is a superior choice for specialty insurance because of its:

Experience and expertise: HCC has over 40 years of experience and expertise in providing specialty insurance products and services for various industries and sectors

Financial strength and stability: HCC has a strong financial rating and performance that demonstrates its ability to meet its obligations and pay claims

Customer service and satisfaction: HCC has a customer-oriented approach to underwriting and policy issuance that allows it to tailor its policies to meet the specific needs and preferences of each client. HCC also has a responsive and professional claims handling process that ensures fair and prompt settlement of claims

Global presence and coverage: HCC has a global network of offices and partners that enables it to provide coverage for businesses operating in over 200 countries and territories

Innovation and diversity: HCC offers a wide range of specialty insurance products and services that cover various exposures and risks that are not typically covered by standard insurance policies. HCC also constantly develops new products and services to meet the changing needs and demands of the market

Houston Casualty Company Customer Experience

HCC has a high level of customer satisfaction and loyalty among its clients. HCC has received positive reviews and ratings from various sources such as:

Better Business Bureau: HCC has an A+ rating from the BBB based on its business profile, complaint history, customer reviews, and other factors

Trustpilot: HCC has a 4.5 out of 5 star rating from Trustpilot based on over 1,000 customer reviews. Customers have praised HCC for its excellent service, fast claims processing, competitive rates, and flexible policies

Consumer Affairs: HCC has a 4.2 out of 5 star rating from Consumer Affairs based on over 300 customer reviews. Customers have complimented HCC for its helpful staff, easy application process, comprehensive coverage, and reliable claims handling

HCC also showcases some of the testimonials from its satisfied customers on its website. Here are some examples:

“HCC was very easy to work with. They were quick to respond to any questions I had and made the whole process very smooth. I would definitely recommend them to anyone looking for specialty insurance.” – John D., Aviation Insurance Customer

“HCC provided me with the best professional liability insurance I could find. They were very knowledgeable and attentive to my needs. They also handled my claim very efficiently and fairly. I am very happy with their service.” – Lisa M., Professional Liability Insurance Customer

“HCC offered me a great event cancellation insurance policy for my music festival. They were very flexible and accommodating to my requests. They also paid my claim without any hassle when my event was canceled due to bad weather. I am very grateful to them.” – Mark S., Event Cancellation Insurance Customer

HCC strives to maintain its high standards of customer service and satisfaction by continuously improving its products, services, processes, and systems. HCC also welcomes feedback from its customers through various channels such as phone, email, website, social media, surveys, and reviews.

 

Financial Strengths Of Houston Casualty Company

HCC is one of the most financially strong and stable specialty insurance companies in the world. HCC has received high ratings from various independent rating agencies that evaluate the financial strength and performance of insurance companies. Some of these ratings are:

  • A.M. Best: A+ (Superior)
  • Standard & Poor’s: AA- (Very Strong)
  • Fitch Ratings: AA- (Very Strong)

These ratings indicate that HCC has a superior ability to meet its ongoing insurance obligations and pay claims.

HCC also has a strong financial performance that reflects its profitability and growth. Some of the key financial indicators of HCC are:

  • Assets: $9.1 billion as of June 30, 2023
  • Shareholders’ Equity: $3.1 billion as of June 30, 2023
  • Revenue: $2.3 billion in 2023
  • Earnings: $345 million in 2023
  • Combined Ratio: 84.9% in 2023
  • Loss Ratio: 54.8% in 2023
  • Retention Ratio: 86.6% in 2023
  • Leverage Ratio: 19.6% as of June 30, 2023
  • Interest Coverage Ratio: 18.9 times as of June 30, 2023
  • These indicators show that HCC has a healthy balance sheet, a low level of debt, a high level of income, a low level of expenses, and a high level of customer retention.

 

How Their Claim Process Works

HCC has a simple and straightforward claim process that ensures that its customers receive fair and prompt settlement of their claims. The claim process varies depending on the type of insurance and the nature of the claim, but the general steps are:

Report the claim:

The customer should report the claim to HCC as soon as possible after the occurrence of the event or loss that triggers the claim. Additionally, the customer can report the claim by phone, email, fax, mail, or online through the HCC website. The customer should also provide all the relevant information and documentation related to the claim such as policy number, date and time of the event or loss, description and extent of the damage or injury, names and contact details of any witnesses or third parties involved, police reports, medical reports, receipts, invoices, etc.

Receive confirmation:

HCC will acknowledge the receipt of the claim and assign a claim number and a claim adjuster to handle the claim. The claim adjuster will contact the customer within 24 hours to confirm the details of the claim and explain the next steps.

Review and investigate:

The claim adjuster will review and investigate the claim to verify its validity and determine its coverage and value. Moreover, the claim adjuster may request additional information or documentation from the customer or other sources such as experts, consultants, appraisers, etc. The claim adjuster may also inspect the site of the event or loss or arrange for an independent inspection by a third party.

Negotiate and settle:

The claim adjuster will negotiate and settle the claim with the customer or their representative based on the terms and conditions of the policy and the evidence and evaluation of the claim. The claim adjuster will make an offer of settlement to the customer or their representative and explain the basis and calculation of the offer. The customer or their representative can accept or reject the offer or make a counteroffer. The negotiation and settlement process may involve several rounds of communication and discussion until an agreement is reached.

Pay the claim:

Once an agreement is reached, HCC will pay the claim to the customer or their representative according to the agreed amount and method of payment. HCC will also issue a release form that confirms the final settlement of the claim and releases HCC from any further liability or obligation related to the claim.

HCC aims to resolve all claims as quickly and efficiently as possible.

The average time for processing and paying a claim depends on various factors such as:
  • Type of insurance
  • Nature and complexity of the claim
  • Availability and quality of information and documentation
  • Cooperation and communication of all parties involved
  • Legal and regulatory requirements

HCC provides regular updates and communication to its customers throughout the claim process. Furthermore, HCC also provides online access to its customers to check their claim status and view their claim history on its website. HCC also has a dedicated customer service team that can assist its customers with any questions or issues related to their claims.

 

How to File a Claim

If you are a customer of HCC and you need to file a claim, you can follow these steps:

Contact HCC: You should contact HCC as soon as possible after the occurrence of the event or loss that triggers your claim. You can contact HCC by phone, email, fax, mail, or online through its website. You should provide all the relevant information and documentation related to your claim such as policy number, date and time of the event or loss, description and extent of the damage or injury, names and contact details of any witnesses or third parties involved, police reports, medical reports, receipts, invoices, etc.

Receive confirmation: You will receive a confirmation from HCC that your claim has been received and assigned a claim number and a claim adjuster. The claim adjuster will contact you within 24 hours to confirm your details and explain your next steps.

Follow instructions: You should follow any instructions given by your claim adjuster regarding your claim such as providing additional information or documentation, cooperating with any inspection or investigation, preserving any evidence, taking any preventive or corrective actions, reporting any changes or developments, etc.

You should also keep a record of all your communication and correspondence with HCC and your claim adjuster.
  • Negotiate and settle: You should negotiate and settle your claim with your claim adjuster based on the terms and conditions of your policy and the evidence and evaluation of your claim. You should review any offer of settlement made by your claim adjuster and understand the basis and calculation of the offer. You can accept or reject the offer or make a counteroffer. You should also consult with your legal or financial advisor if you have any questions or concerns about the settlement.
  • Receive payment: Once you reach an agreement with your claim adjuster, you will receive your payment from HCC according to the agreed amount and method of payment. You will also sign a release form that confirms the final settlement of your claim and releases HCC from any further liability or obligation related to your claim.

If you have any questions or issues regarding your claim, you can contact your claim adjuster or the HCC customer service team for assistance. You can also check your claim status and view your claim history online through the HCC website. HCC will do its best to resolve your claim as quickly and efficiently as possible.

 

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