Moody’s upgrades HCC Insurance

Moody's Investors Service said it upgraded the senior debt rating of HCC Insurance Holdings, Inc. to A3 from Baa1 following the completion of the acquisition by Tokio Marine Holdings, Inc. (unrated) through its wholly-owned subsidiary, Tokio Marine and Nichido Fire Insurance Co., Ltd. (IFS rating at Aa3/negative outlook) for $7.5 billion.

The A1 insurance financial strength ratings for HCC's P&C and life and health (L&H) insurance operating companies are not affected.

The outlook is stable. This action concludes the review for upgrade announced on June 11.

"The upgrade of HCC's debt rating is based on the strategic importance of HCC to Tokio Marine and by Moody's expectation that Tokio Marine would likely provide support to HCC's creditors to protect Tokio Marine's $7.5 billion investment," Moody's analyst Jasper Cooper said in a news release.

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