Kiln buys 49% of Lloyd’s cyber coverholder NAS

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Kiln has purchased a 49% stake in NAS Insurance, one of the largest cyber producers in the Lloyd’s market.

Based in Los Angeles, NAS underwrites a range of specialty professional liability, legeal expense, healthcare, entertainment and reinsurance products including cyber and medical billing errors.

The company wrote premium in excess of $75m (£45m) in 2013.

Terms of the deal have not been disclosed, and NAS will retain both its existing management and brand.

The remaining 51% will be held by existing shareholders.

Announcing the deal, Tokio Marine Kiln group chief executive Charles Franks said: "Through this deal, which is supported by our parent Tokio Marine, we will continue to capitalise on NAS's high quality underwriting capabilities, strong management team and proven track record of generating profits, as we continue to enhance our distribution capabilities in strategically important territories around the world.

"Kiln was founded on strong relationships and empowered underwriting, and we remain committed to building and maintaining long-term, profitable partnerships with high quality businesses."

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