Tokio Marine HCC Announces Acquisition of U.S. Cyber Specialist NAS Insurance Services

 

HOUSTON (April 1, 2019) . . .

Tokio Marine HCC today announced it has acquired NAS Insurance Services, LLC (NAS), a national leader in cyber and professional liability solutions.  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.

 

Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company.  Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom and Continental Europe.  Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings.  Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $34 billion as of December 31, 2018.  For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.

 

The Professional Lines Group of Tokio Marine HCC provides protection against claims arising from professional negligence, which can lead to financial losses, expensive litigation and staggering jury awards.  Its Architects and Engineers division is one of the nation’s leading providers of professional liability insurance for architects, engineers and contractors.  The group also provides professional liability insurance for scientists and technical consultants involved in fields related to design, construction and analysis.  Through its Employment Practices Liability Insurance, the group provides protection for an employer against claims made by employees, former employees or prospective employees alleging among other things, harassment, discrimination, wrongful termination and more.  The group also offers Miscellaneous Professional Liability for all kinds of professionals, businesses and consultants and underwrites the most diverse and complex types of coverage to help keep one’s budget and operations intact.

 

Contact:        

Doug Busker, Vice President – Public Relations

Tokio Marine HCC

713-996-1192

April, 2019

NAS Insurance Announces Expansion of Senior Management Team

 

NAS Insurance today announced the expansion of its senior management team with several new appointments. Daniel Mogelnicki assumes national leadership for the Specialty Product Underwriting group. Jeff Jacobs will be responsible for leadership of all Underwriting Operations for the firm. Marcus D’Anna has been named Chief Financial Officer.

 

“It is an exciting time in the evolution of NAS,” said Rich Robin, Chief Executive Officer at NAS Insurance. “And I’m thrilled with the talented professionals we’ve been able to attract to the company. I look forward to our continued growth and innovation across our Cyber, Specialty and Reinsurance businesses.”

 

In his new role, Mogelnicki will oversee the product development, distribution and underwriting of NAS’ specialty lines, including Misc. E&O, MEDEFENSE® Plus, and industry-leading Allied Health solutions. “I’ve been a long-time fan of NAS’ innovative products,” remarks Mogelnicki. “The team is terrific and opportunities abound. I’m looking forward to helping NAS continue to grow.” Dan is based out of NAS’ New York office.

 

Having helped establish NAS’ regional operations in Chicago, New York and Atlanta, Jeff Jacobs will take on expanded responsibilities for the firm. “I am excited to help build the teams and competencies that fuel our growth,” remarked Jacobs. “We strive to innovate at every level of the company and making it easy for everyone to do business with us is my priority.” Jacobs operates out of NAS’ Chicago office.

 

D’Anna’s appointment as CFO comes after five years of service as a leader in the NAS accounting team. “It’s a great honor to be part of the leadership of this business,” states D’Anna, “Our people and our entrepreneurial spirit are energizing, and I am eager to help advance our bold ambitions.” D’Anna is located in NAS’ Los Angeles Headquarters.

 

NAS Insurance Services, LLC is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

 

For more information about NAS Insurance please visit www.nasinsurance.com.

November, 2018

NAS Insurance Announces New, Expanded Cyber Liability Insurance Policy

 

NAS Insurance Services, LLC today announces the release of their most expansive commercial cyber liability insurance policy update ever.

 

“Our brokers and policyholders demand the most comprehensive cyber insurance solutions,” said Michael Palotay, Chief Underwriting Officer at NAS. “And our cyber coverage has evolved to encompass more than just an insurance offering. Our new NetGuard™ Plus now includes state-of-the-art support services designed to help companies evaluate, prepare, and protect themselves from ever-evolving cyber threats.”

 

The expanded components of the NAS cyber policy include coverage for:

• Outsourced IT system failures that may interrupt the policyholder’s business operations
• Expanded coverage for insured’s own system failure
• Direct bodily injury coverage without class restriction
• Post-breach costs to remedy a policyholder’s IT systems to prevent a potential future breach
• Expanded regulatory defense costs, including for TCPA (Telephone Consumer Protection Act) defense and the EU’s new GDPR legislation
• Financial losses due to reputation harm as a result of a cyber incident
• Zero deductible loss assistance for suspected breaches

 

“In addition to the broader coverage,” adds Natalie Kelly, Senior Vice President of Claims, “We now offer a host of discounted preventative services and continue to service our clients with our US-based in-house claims team that helps our policyholders get back to business quickly.”

 

NAS Insurance Services is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

 

Learn more here.

April, 2018

NAS Launches Momentum™, A Breakthrough Insurance For Online Sellers

 

NAS Insurance Services, the leader in cyber liability insurance, has announced the launch of Momentum™, its newest insurance product for online sellers.  Momentum™ is a breakthrough business interruption insurance for people who sell products on Amazon and other online marketplaces. If a seller’s account is suspended by an online vendor, Momentum provides the protection they need to cover their financial losses and help them get back to business.

 

“There are over 1 million sellers on Amazon in the United States, and all of them are at risk of having their account suspended, interrupting their ability to sell and generate income,” said Michael Palotay, Chief Underwriting Officer at NAS. “In the same way a retail store would carry insurance coverage for a flood or fire, we saw a need for online sellers to have a solution they could turn to when their business was suspended.”

 

Amazon has become ubiquitous in American culture, driving the number of sellers on the platform to grow exponentially. Today, thousands of businesses rely on Amazon as their main source of income. But as Amazon’s seller base has expanded, so too has its rules and regulations – holding sellers to rigorous standards and frequently suspending sellers’ accounts if they fail to comply.

 

“While most sellers strive to adhere to Amazon’s policies, there is mounting evidence that even those who are compliant have faced an account suspension for an alleged violation,” said Jeremy Barnett, Vice President of Marketing and Business Development at NAS. “With Momentum, these online sellers have an affordable insurance solution that protects them from financial loss, while providing the peace of mind that is essential for any business owner.”

 

Momentum’s core insurance coverage starts at $250 annually and provides reimbursement for the financial loss sustained during a suspension. In addition, Momentum’s policy provides reimbursement for the cost of a reinstatement specialist to help sellers navigate Amazon’s appeal process and procedures.  The insurance also provides coverage for tax audit expenses, helping sellers cover the costs of a tax specialist in the event of an audit by the U.S Internal Revenue Service.

 

 

NAS is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

 

February, 2018

NAS Insurance Announces New Miscellaneous E&O Insurance for Architects and Engineers

 

NAS Insurance Services today announced the release of its newest insurance product, E&O for Architects and Engineers (A&E). This product rounds out NAS’ suite of E&O insurance solutions, including E&O for Tutors, Medical Billers, Property Managers, Technology E&O, and several other Miscellaneous E&O classes.

 

“NAS Architects and Engineers solution includes a unique set of benefits that fits the needs of the policyholder,” said Brian Alva, Vice President of Specialty Insurance. “Policyholders will not only get a comprehensive and competitive E&O policy, they’ll also get innovative coverage for technology services and state-of-the-art cyber liability coverage.”

 

NAS’ Architects and Engineers insurance provides three insurance products in one: A&E Professional Services Liability Coverage, Technology E&O, and NAS’ Cyber Liability Policy, NetGuard® Plus. By combining these three policies into one, NAS’ offering gives architects, engineers, and other design professionals a complete and reliable solution to fit the changing needs of their business.

 

As an added benefit of this policy, insureds will have access to risk management consultants to help mitigate risks, and NAS’ expert claims team for resources and support when an issue arises. NAS’ risk management resource provides access to free and confidential risk management support, including contract review and consultation from a team of legal experts. NAS expert claims team has extensive experience in E&O claims handling, providing guidance throughout the claims process to achieve a rapid and complete resolution.

 

Nicholas Rotondo, Assistant Vice President of E&O, leads the underwriting of the Architects and Engineers product from the NAS office in Atlanta, Georgia. “We’re expecting this product to swiftly gain traction with our brokers due to the broad spectrum of coverages,” said Rotondo. “This product is truly a standout among others in the A&E marketplace, and we look forward to growing our business in this segment in 2018 and beyond.”

 

For more information visit www.nasinsurance.com.

 

NAS Insurance is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

February, 2018