Tokio Marine acquires cyber specialist NAS Insurance Services
Specialty insurance group Tokio Marine HCC has acquired 100 percent of NAS Insurance Services, a US-based cyber and professional liability specialist.
NAS is a Lloyd’s coverholder, headquartered in Encino, California with additional offices in New York, Chicago and Atlanta. The business is said to have produced gross written premium of $176 million in 2018.
Tokio Marine HCC and its sister company, Tokio Marine Kiln, have worked with NAS since 1975, and Tokio Marine Kiln had owned 49 percent of NAS since 2014.
Following the deal, 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 will report 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.”
Charles Franks, Tokio Marine Kiln’s chief executive officer, added: “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.”
Robin commented: “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.”
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