Tokio Marine HCC has acquired NAS Insurance Services, LLC, a specialty insurance underwriter focused on cyber and professional liability .
Neither side is disclosing financial details.
NAS is a Lloyd’s coverholder known in part for reinsurance products and services, specialty product innovation and online broker portals that offer 24/7 quoting and issuance. It produced $176 million in gross written premium during 2018. NAS employs approximately 180 people and is based in Encino, Calif., with additional offices in New York, Chicago and Atlanta.
Tokio Marine said its acquisition of NAS builds on a strong partnership between the two companies. 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. Tokio Marine HCC’s full acquisition of NAS strengthens those ties with benefits to all three organizations, their customers and their employees, the deal announcement asserts.
The idea is that NAS becoming part of Tokio Marine HCC creates greater scale for the company in the U.S. Professional Lines marketplace and provides flexibility to leverage group insurance platforms that yield the most value in terms of product offerings, distribution and economy.
Plans call for Tokio Marine HCC to combine NAS with its existing Professional Lines Group. Richard Robin, who currently serves as CEO 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.
Tokio Marine HCC, based in Houston, is a specialty insurance group with offices in the United States, the United Kingdom and Continental Europe.
Source: Tokio Marine HCC