Tokio Marine HCC has announced a major leadership change as longtime executive Mike Schell prepares to retire from his role as President at the end of March 2025. Barry Cook, CEO of Tokio Marine HCC International, will take on additional work as he steps into a newly created Deputy CEO position starting April 1, 2025, marking a strategic shift in the company’s executive structure.
Schell, who has been with Tokio Marine HCC since 2002, departs after more than five decades in the insurance industry, including prior roles at St. Paul Companies and Insurance Company of North America. His influence on Tokio Marine HCC has been widely recognized.
“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. He has guided us through market cycles, helped us overcome industry challenges and been a key player in the growth and success of our business,” said 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 how much the company has evolved. “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,” he said.
Cook, who will now take on additional responsibilities as Deputy CEO, acknowledged Schell’s enduring impact. “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.”
Schell’s departure comes at a time when Tokio Marine Holdings, the parent company of Tokio Marine HCC, is demonstrating resilience and strong financial results. Despite a slight decline in total assets, the company has seen substantial growth in its profitability.
For the nine months ending December 31, 2024, Tokio Marine reported a rise in ordinary income by ¥615.0 billion year-on-year to ¥6,249.6 billion. This was driven primarily by underwriting income of ¥4,540.0 billion and investment income of ¥1,580.9 billion. Meanwhile, ordinary expenses fell by ¥14.2 billion, leading to an ordinary profit increase of ¥629.3 billion, reaching ¥1,219.1 billion. Net income attributable to owners of the parent rose by ¥377.7 billion to ¥895.2 billion.
The company has also revised its full-year adjusted net income forecast upward by ¥40 billion, citing strong international underwriting and accelerated sales of business-related equities as key factors.
By segment, the company’s international insurance division has shown notable growth, with ordinary income increasing by ¥211.9 billion to ¥3,058.3 billion, and ordinary profit rising by ¥28.6 billion to ¥353.2 billion. The domestic non-life insurance sector has also performed well, recording an increase in ordinary profit by ¥599.8 billion to ¥823.4 billion.
Despite global economic uncertainty, Tokio Marine has continued to strengthen its position, capitalizing on the recovery of the U.S. economy and steady demand in Europe, while carefully navigating challenges in China and Japan’s slower economic growth.
With its strong financial results and a clear succession plan in place, Tokio Marine HCC is well-positioned for continued growth. The addition of Cook as Deputy CEO is expected to provide stability and reinforce the company’s strategic objectives. Meanwhile, Schell leaves behind a legacy of leadership and expansion that has helped shape Tokio Marine HCC into a leading global specialty insurer
