Tokio Marine HCC, a US-based subsidiary of the Japanese insurance group Tokio Marine, has created a new cyber and professional lines group to offer cyber and professional liability insurance solutions for its clients and policyholders.
Image: Tokio Marine HCC forms new cyber and professional lines unit. Photo: courtesy of Markus Spiske/Pixabay.
The newly formed Tokio Marine HCC – Cyber & Professional Lines Group is made up of the recently acquired NAS Insurance Services, and the reorganised operations of the former Tokio Marine HCC – Professional Lines Group. The new unit will focus on innovation, service and specialty underwriting.
In April 2019, the specialty insurer acquired full ownership in NAS Insurance Services, which provides cyber and professional liability solutions. The California-based cyber specialist is a Lloyd’s coverholder, which is said to offer round-the-clock quoting and issuance.
Richard Robin, who was the CEO of NAS Insurance Services, will be the president of the new cyber and professional lines group.
Robin said: “Our tech and cyber solutions have always been market-leading. Now, that same energy and drive for innovation is spread throughout all of our lines of business, responding to increasing demand from our clients and setting the bar higher for the industry.”
The cyber and professional lines group has also launched various new product and service improvements, which includes a new online broker portal called ‘Q’ for quoting and issuing policies.
Tokio Marine HCC technology and product management senior vice president Jamie Kinsley said: “Brokers want to be able to do business 24/7 and accelerate their level of service to their customers. So, we’ve evolved NAS’ online platform and encourage all of our brokers to sign up and quote it on Q!”
The Texas-based insurer, which has offices in the US, the UK, and continental Europe, claims to transact business in nearly 180 countries and underwriting over 100 classes of specialty insurance.
The specialty insurance group was formed in 2015 following Tokio Marine’s acquisition of the US-based HCC Insurance Holdings, for about $7.5bn (£6.03bn).
Earlier this year, Tokio Marine announced plans to create a joint venture (JV) general insurance company with Grand Guardian Insurance (GGIH) to foray into the general insurance market in Myanmar. As per the agreement, the Japanese insurance group will apply for a license to form the JV and will buy a stake of 35% in the Grand Guardian General Insurance Company (GGGI), the casualty business of the Myanmar-based GGIH.