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NEWS: TMK buys remaining share of WNC https://t.co/uRHSeNUMcM
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London, 9 July 2018: Tokio Marine Kiln (TMK) today announced that it has bought the remaining 51 per cent share in WNC Holdings – a market leading provider of specialty insurance products and services for US-based clients.
WNC, a Managing General Underwriter, provides a range of specialty risk management solutions including private flood, builders’ risk and lender–placed products. It expects approximately USD200 million of net written premium in 2018.
TMK has worked in partnership with WNC since 1986 and acquired a 49 per cent share of the company in June 2011. WNC will retain its existing brand as it continues to drive growth in its Flood and Construction divisions and launches its Homeowner’s Select product for mortgage servicers.
Charles Franks, Group CEO of TMK, said: “We are committed to building and maintaining long-term, profitable partnerships with high quality businesses in strategically significant territories and we are able to do so thanks to our substantial financial strength. Through this investment, we will continue to capitalise on WNC’s high quality underwriting capabilities, strong management team, established brand and proven track record of generating profits, as we have done with them over the past 30 years.”
Pat Blandford, CEO of WNC, said: “We are excited about this partnership with TMK, which underpins our continued expansion and development. With TMK’s support, we have broadened our business mix and look forward to offering more product lines to our customers as we expand. To reflect this new phase, we have also refreshed our brand identity and launched a new website to give clients easy access to our people, products and services.”
For more information, visit WNC at www.wncfirst.com.
+44 (0)20 7562 4444
WNC is a full-service Managing General Underwriter that provides a suite of services from program development, underwriting, rating, policy issuance and claims. Formed in 1962 and now with more than 200 employees, WNC focuses on providing insurance solutions to our partners. WNC is a market leader in private flood, construction / builders’ risk and Lender-Placed Insurance. As a product innovator WNC launched Homeowner’s Select, providing coverage for homeowners that are excluded from traditional insurance due to prior LPI coverage.
WNC benefits from the underwriting acumen and financial strengths of its parent, Tokio Marine Kiln. In response to market opportunities WNC expects to expand into new product classes that leverage its adherence to best-in-class underwriting and support infrastructure.
For more information, visit us now at www.wncfirst.com
About Tokio Marine Kiln
Tokio Marine Kiln is a forward-thinking international underwriting business which operates in the Lloyd’s and Company markets. As part of one of the world’s largest insurance groups, Tokio Marine, we empower our people in 20 cities around the world to protect customers against complex and ever changing risks. We have four underwriting teams focused on: Property & Casualty; Marine, Aviation & Special Risks; Accident & Health; and Reinsurance, which are complemented by a first class claims team and an expert risk engineering service.
Tokio Marine Kiln benefits from exceptional financial strength with Standard & Poor’s ratings of A+ attributed to its Company platform its four managed syndicates at Lloyd’s. For more information, visit www.tokiomarinekiln.com