ENCINO, Calif., Jan. 05, 2022 (GLOBE NEWSWIRE) — Tokio Marine HCC – Cyber & Professional Lines Group today announced, in line with its strategic vision of succession planning for the future growth of its business, the appointment of its Chief Underwriting Officer Michael Palotay to President of the group, effective January 1, succeeding Richard Robin who is retiring and will remain in a consultative capacity until April 1.
Mr. Palotay brings over 15 years’ experience in the insurance industry, serving in senior roles for AIG, NAS Insurance and, most recently, Tokio Marine HCC – Cyber & Professional Lines Group as its Chief Underwriting Officer. Mr. Robin came to Tokio Marine HCC with its acquisition of NAS Insurance in April 2019, where he served as Chief Executive Officer for 13 years, and continued his leadership role as President of the Cyber & Professional Lines Group following the transaction.
Commenting on the appointment, Tokio Marine HCC’s Chief Executive Officer Susan Rivera said, “On behalf of the executive leadership team at Tokio Marine HCC, I want to thank Rich for his leadership, vision and outstanding contribution to our company. I am pleased Mike will be leading our Cyber & Professional Lines Group to the next stage in its development. His knowledge of the business, experience navigating various markets and proven leadership qualities make him the perfect candidate for the role.”
As President, Mr. Palotay will continue the Cyber & Professional Lines Group’s deliberate focus on delivering innovative products and services that drive success for its clients, partners and employees, while effectively responding to the marketplace through investments in emerging technologies.
“It is a huge honor to succeed Rich as President of the Cyber & Professional Lines Group,” stated Mr. Palotay. “Rich successfully brought together two organizations (Tokio Marine HCC and NAS Insurance) with decades of experience and aligned them under the pillars of product innovation, customer service and underwriting profitability. The outstanding culture he created will serve us well as we move the group into the future.”
About Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $37 billion as of September 30, 2021. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from A.M. Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
| Contact: | Desiree Khoury |
| Vice President, Marketing & Business Development | |
| Tokio Marine HCC – Cyber & Professional Lines Group | |
| dkhoury@tmhcc.com |
