Everything you need to know about NAS Insurance
NAS Insurance is an underwriting manager of specialty insurance products. It’s one of the largest Lloyd’s coverholders in the world and has been bridging London capital and US distribution for over 40 years.
The Los Angeles-based firm has more than 180 employees across four offices in Los Angeles, New York, Chicago and Atlanta. It has flexible policy development and underwriting authority and can offer open market and reinsurance solutions for hard-to-place risks.
A brief history
NAS Insurance has been a leading player in specialty insurance product development and distribution since 1975. It was founded by Ed Robin, who had a keen eye for emerging business risks and wanted to find innovative insurance solutions that would address the gaps in standard commercial insurance offerings. For example, NAS was the first firm to insure businesses in the US for legal expenses related to the many commercial perils they face. This was not covered under standard liability insurance policies at the time of the product’s inception.
What is a Lloyd’s coverholder?
Lloyd’s coverholders, like NAS Insurance, have the authority to enter into a contract of insurance on behalf of a Lloyd’s syndicate in accordance with the terms of a binding authority. Lloyd’s explains: “When a Lloyd’s managing agent delegates its authority to an approved coverholder under a binding authority, the approved coverholder may enter into contracts of insurance and issue insurance documents as evidence that contracts of insurance have been accepted.
“An approved coverholder will normally also be allowed to collect premiums, and may be allowed to handle claims or perform other functions. The scope of its authority will be set out in the contract called the binding authority agreement.”
Product innovation for NAS Insurance is all about filling the gaps. The firm offers specialty products on wholesale, program and reinsurance bases for a wide range of risks. It is perhaps best known for its Cyber Liability Netguard Plus, Medefense Plus, and its Sexual Misconduct and Molestation Liability solutions.
NAS Insurance breaks its products down into three key sections:
- Abuse / molestation insurance
- Allied medical malpractice insurance
- E&O for architects & engineers
- e-MD cyber liability (for healthcare providers)
- Employment practices liability
- Management liability
- Medefense Plus
- Miscellaneous E&O
- Miscellaneous E&O for medical billers
- Miscellaneous E&O for property managers
- Miscellaneous E&O for tutors
- Sexual misconduct and molestation liability
- Social services PL/GL
- Tenant discrimination insurance
Tech & cyber solutions:
- Cyber liability – Netguard Plus
- NAS CyberNET
- NetGuard Select
- Technology E&O – TechGuard
- Cyber liability reinsurance
- Employment practices liability reinsurance
- Medefense Plus Reinsurance
- NetGuard Farm
- Personal CyberPlus
NAS Insurance is particularly well-known for its work in the cyber insurance space. The firm has been writing cyber liability insurance for about 15 years and also provides cyber liability reinsurance solutions to help insurance carriers and program administrators provide bolt-on cyber liability coverage without additional R&D costs, overheads, and assumption of risk. In addition, NAS Insurance has made considerable efforts to educate consumers and the wider insurance industry about the fast-evolving cyber risk.
“A lot of carriers, program administrators and brokers still don’t feel completely comfortable getting into the cyber space,” said Matt Sherman, senior vice president of specialty reinsurance and programs division, NAS Insurance Services. “They may not have the subject matter or the underwriting expertise, and, most importantly, they may not have the claims expertise to confidently offer cyber. That’s where NAS Insurance comes in. We’re able to offer the product, as well as the support and the services around it. It’s important for insureds to know that no matter who is writing the cyber coverage and providing the services, there’s subject matter expertise every step of the way.”
Chief executive officer Richard Robin (founder Ed Robin’s son) stated back in 2014 that NAS Insurance wants to “make it simple for our partners to do business with us, both offline and online.” The company launched NAS Online to give clients easy access to specialty products and programs via a straightforward online application. Users of NAS Online can create estimates and quotes for a number of coverages and issue policies for a number of NAS Insurance products, including: cyber liability, miscellaneous E&O, medefense plus, e-MD, and tenant discrimination insurance.
NAS Insurance has a team of in-house claims experts who will assess coverage and coordinate with policyholders once a claim has been reported. They also work with the underwriting teams to assist with product development.