Los Angeles-based firm wrote $75m of premium in 2013

Lloyd’s insurer Kiln has bought a 49% stake in US underwriting agency NAS Insurance.

The Los Angeles-based agency wrote $75m (£45m) of gross premium in 2013.

Its product portfolio includes professional liability, legal expenses, healthcare and entertainment insurance and reinsurance. It also writes cyber and medical billing errors insurance.

Kiln said NAS is one of the leading cyber insurance producers in the Lloyd’s market.

The remaining 51% of NAS will be retained by existing shareholders. The company will retain its brand and management structure.

Tokio Marine Kiln 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.”

NAS Insurance chief executive Richard Robin added: “NAS has been a committed participant in the Lloyd’s market since we were founded, and in Kiln we have found an exceptional partner through which we are able to grow and develop the business further.”

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