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Tokio Marine HCC on Tuesday named Michael Schell president of the Houston-based specialty insurer effective April 1, succeeding William Burke, who is retiring.
Mr. Schell joined the insurer in 2002 and most recently was an executive vice president at Tokio Marine HCC and is CEO of several of its operating companies, including Houston Casualty Co., U.S. Specialty Insurance Co. and Avemco Insurance Co., and president of HCC Reinsurance Co. Ltd., according to a Tokio Marine HCC statement.
Mr. Burke started in the industry in 1977 and joined Tokio Marine HCC in 2010 after spending 30 years at Aon PLC.
He will remain on the board of the insurer, said Susan Rivera, Tokio Marine HCC’s CEO, in the statement. “We are grateful for his professionalism and execution through the years and are privileged to have his continued involvement as a Board member.”
Ms. Rivera was named CEO last year.
Japanese property/casualty insurer Tokio Marine & Nichido Fire Insurance Co. Ltd. plans to use satellite images to assess flood damage to speed up compensation payouts, NHK reported. The satellite is a joint venture between a US firm, Tokio Marine and other businesses, and is expected to be launched within November. Tokio Marine will analyze the images sent by the satellite via artificial intelligence, which will automatically calculate flood depths.