Tokio Marine HCC today announced it has acquired NAS Insurance Services, LLC (NAS), a national leader in cyber and professional liability solutions.
Image: Tokio Marine HCC announces acquisition of US cyber specialist NAS Insurance Services. Photo: courtesy of Aleš Čerin/Freeimages.com.
NAS is a Lloyd’s coverholder with a history of specialty product innovation, flexible policy development, open market and reinsurance solutions, and online broker portals providing 24/7 quoting and issuance. The business produced gross written premium of $176 million in 2018. NAS employs approximately 180 people and is headquartered in Encino, California with additional offices in New York, Chicago and Atlanta.
The acquisition of NAS represents the continuance of a strong partnership between NAS and the Tokio Marine Group. Tokio Marine HCC and its sister company, Tokio Marine Kiln, have worked with NAS since 1975, and Tokio Marine Kiln had owned 49% of NAS since 2014. Tokio Marine HCC’s acquisition of 100% of NAS strengthens those ties with benefits to all three organizations, their customers and their employees.
Positioning NAS within Tokio Marine HCC creates greater scale within the U.S. Professional Lines marketplace and provides flexibility to leverage Group insurance platforms that yield the most value from a product offering, distribution and economic perspective. Tokio Marine Kiln and Tokio Marine HCC will work collectively with NAS to ensure that the Tokio Marine Group remains a leading provider of innovative, specialty insurance products backed by its superior financial strength.
Tokio Marine HCC will combine NAS with its existing Professional Lines Group. Richard Robin, who currently serves as Chief Executive Officer of NAS, will become President of Tokio Marine HCC’s Professional Lines Group. He reports to Thomas Harmeyer, who will continue to serve the Professional Lines Group as Executive Chairman.
“We are excited to bring NAS’ expertise in cyber and professional liability into our Tokio Marine HCC family and enhance the product options for our clients,” said Susan Rivera, Tokio Marine HCC’s Chief Executive Officer. “I look forward to working with Rich Robin to drive the development of innovative specialty solutions for our clients.”
“After decades of partnering with NAS, in most recent years as a shareholder, it’s great to bring them fully into the Tokio Marine Group. We have been pioneers together in the cyber market, building a strong foundation for continued growth,” commented Charles Franks, Tokio Marine Kiln’s Chief Executive Officer.
“We have enjoyed a long and productive relationship with the Tokio Marine group of companies, and I am energized to combine our creativity with their strength, scale and security,” remarked Mr. Robin.
“Tokio Marine HCC’s expertise and resources will enable our new Professional Lines Group to deliver unparalleled service for our brokers and our policyholders,” stated Mr. Harmeyer.
Source: Company Press Release