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.
Doug Busker, Vice President – Public Relations
Tokio Marine HCC