Specialty insurance group Tokio Marine HCC has announced it has acquired NAS Insurance Services, LLC, a U.S specialist in cyber and professional liability solutions.
NAS is a Lloyd’s coverholder with a background in specialty product innovation, flexible policy development, open market and reinsurance solutions, and online broker portals providing 24/7 quoting and issuance.
The business is headquartered in Encino California, with additional offices in New York, Chicago and Atlanta.
It produced gross written premium of $176 million in 2018 and employs approximately 180 people.
The business has been 49% owned by Tokio Marine Kiln since 2014, and has worked with Tokio Marine HCC and Tokio Marine Kiln since 1975.
Tokio Marine HCC explained that the acquisition represents a continuation of this partnership, providing it with greater scale within the U.S professional lines marketplace and allowing it to leverage group insurance platforms that yield the most in terms of product offering, distribution, and economic perspective.
NAS will be combined with Tokio Marine HCC’s existing Professional Lines Group, which is to be led by the current Chief Executive Officer (CEO) of NAS, Richard Robin.
As President of the Professional Lines Group, Robin will report to Thomas Harmeyer, who will continue to serve the 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.”
Charles Franks, CEO of Tokio Marine Kiln, also commented: “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.”
“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,” added Robin.
Finally, Harmeyer stated: “Tokio Marine HCC’s expertise and resources will enable our new Professional Lines Group to deliver unparalleled service for our brokers and our policyholders.”