Tokio Marine HCC has acquired NAS Insurance Services, a specialist in cyber and professional liability solutions in the US, for an undisclosed amount.
NAS Insurance Services, which is headquartered in Encino, California, is a Lloyd’s coverholder. It employs approximately 180 people.
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The business, which also has office in New York, Chicago and Atlanta, reported gross written premium of $176m in 2018.
After the completion of the acquisition, NAS will become part of Tokio Marine HCC’s existing Professional Lines Group.
As per the agreement, NAS Insurance CEO Richard Robin will become president of Tokio Marine HCC’s Professional Lines Group.
Robin will report to Thomas Harmeyer, who will continue to serve as executive chairman of the Professional Lines Group.
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By GlobalData“We have enjoyed a long and productive relationship with the Tokio Marine group of companies, and I am energised to combine our creativity with their strength, scale and security,” Robin said.
Tokio Marine HCC CEO Susan Rivera said: “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.
“I look forward to working with Rich Robin to drive the development of innovative specialty solutions for our clients.”
Tokio Marine HCC’s sister company Tokio Marine Kiln had owned 49% of NAS since 2014.
Tokio Marine Kiln CEO Charles Franks said: “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.”
