Tokio Marine shuffles cyber & professional lines leadership following exit
International specialty insurer Tokio Marine HCC has shuffled its cyber & professional lines group leadership in a strategic move to ramp up its development for the future growth of the business.
Michael Palotay (pictured) has been promoted to president of the cyber & professional lines group, succeeding Richard Robin.
Robin is retiring and will remain in a consultative capacity until April 1.
Palotay has over 15 years’ experience in the insurance industry, serving in senior roles for AIG, NAS Insurance and, most recently, as chief underwriting officer of Tokio Marine HCC's cyber & professional lines group.
He came to Tokio Marine HCC with its acquisition of NAS Insurance in April 2019, where he served as chief executive officer for 13 years, and continued his leadership role as president of the cyber & professional lines group following the transaction.
As president, Palotay will continue the cyber & professional lines group’s focus on delivering innovative products and services through investments in emerging technologies.
Tokio Marine HCC’s chief executive officer Susan Rivera said: “On behalf of the executive leadership team at Tokio Marine HCC, I want to thank Rich for his leadership, vision and outstanding contribution to our company. I am pleased Mike will be leading our Cyber & Professional Lines Group to the next stage in its development. His knowledge of the business, experience navigating various markets and proven leadership qualities make him the perfect candidate for the role.”
Palotay commented: “It is a huge honour to succeed Rich as President of the Cyber & Professional Lines Group. Rich successfully brought together two organisations ( Tokio Marine HCC and NAS Insurance) with decades of experience and aligned them under the pillars of product innovation, customer service and underwriting profitability. The outstanding culture he created will serve us well as we move the group into the future.”
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