Tokio Marine Group’s Kiln said it has bought a 49 percent stake in Los Angeles-based NAS Insurance.
Kiln said NAS will keep its brand and management structure.
Specialty insurer NAS wrote more than $75 million in premiums in 2013. NAS underwrites professional liability, legal expense, healthcare, entertainment and reinsurance products including cyber and medical billing errors insurance in the US. It is one of the leading cyber insurance producers in the Lloyd’s market.
“In our industry, scale and flexible distribution, underpinned by financial strength, are vital competitive strengths, so I am delighted to be solidifying our strong, longstanding partnership with NAS through this important investment,” said Charles Franks, CEO of Tokio Marine Kiln, in a statement.
Kiln has working in partnership with NAS since 1975.
Late last year Kiln joined forces with Tokio Marine Europe to create Tokio Marine Kiln Group Ltd.
“NAS and Kiln share emphases on innovation, specialty, underwriting profit and excellent service,” said Richard Robin, CEO of NAS. “This new partnership will allow us to continue meeting out goals while being backed by Kiln’s significant financial strength, underwriting know-how and entrepreneurial support.”
Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or [email protected].
