The deal extends an already strong partnership between NAS and the Tokio Marine Group. Tokio Marine HCC and Tokio Marine Kiln have worked with NAS since 1975, and Tokio Marine Kiln acquired a 49% stake in the business in 2014. According to a company release, Tokio Marine HCC’s total acquisition of NAS will strengthen those ties “with benefits to all three organizations, their customers and their employees.”
Charles Franks, Tokio Marine Kiln’s CEO commented: “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.”
The acquisition will give Tokio Marine HCC greater scale and expertise within the US professional lines marketplace. In 2018, NAS produced gross written premium of $176 million across a range of solutions. The firm employs approximately 180 people and is headquartered in Encino, California with additional offices in New York, Chicago and Atlanta.
NAS has a strong history of product innovation, flexible policy development, open market and reinsurance solutions, and online broker portals providing 24/7 quoting and issuance. Tokio Marine Kiln and Tokio Marine HCC will work collectively with NAS to ensure that the Tokio Marine Group can yield the most value from a specialty insurance product offering, distribution and economic perspective.
Following the acquisition, NAS will combine with Tokio Marine HCC’s professional lines group, and current NAS CEO Richard Robin will become president of the professional lines group. He will report to Thomas Harmeyer, who will continue to serve the professional lines group as executive chairman.
Robin remarked: “We’ve 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.”
Tokio Marine HCC’s CEO Susan Rivera said she was excited to work with NAS and Rich Robin. She commented: “We’re 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.”