Tokio Marine HCC exits US bail bond business

Specialty insurance group Tokio Marine HCC has sold its bail bond operations to what it calls "a prominent player in the industry" as it exits the business in the US.

The transaction includes Bail USA and all bail bond business written by American Contractors Indemnity Company, US Specialty Insurance Company and United States Surety Company.

Although the name of the buyer has not been disclosed, Tokio Marine said it has an AM Best financial strength rating of “A (Excellent)”.

“HCC Surety Group is pleased to have reached an agreement under which we can smoothly transfer our entire bail portfolio to a new owner without disrupting operations, employees or agents," said Adam Pessin, HCC Surety Group’s chief executive officer.

"The buyer is an established and meaningful participant in the U.S. bail industry, and we believe our employees and bail bond agents will benefit from this transaction,” Pessin added.

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