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Tokio Marine Highland

Tokio Marine Highland

Tokio Marine Kiln Completes Sale of Tokio Marine Highland’s U.S. Construction Business to Intact Insurance Group

August 1, 2022 – Tokio Marine Kiln has completed its sale of Tokio Marine Highland’s U.S. Construction Division to Intact Insurance Group USA LLC, effective August 1, 2022.

The Construction Division, Highland Insurance Solutions, led by Rick Girden, President, and Kaileigh Bowe, Executive Vice President, employs approximately 40 people and is headquartered in Naperville, IL, all of whom have transferred to Intact.

“Tokio Marine Kiln is pleased that the Highland team is joining a company the caliber of Intact where they will be able to continue to build their business and maximize its potential,” said Brad Irick, CEO of Tokio Marine Kiln. “I would like to thank Rick and Kaileigh personally for their longstanding commitment to the business and support to Tokio Marine Highland and Tokio Marine Kiln. Tokio Marine Highland remains core to Tokio Marine Kiln, and we are excited about the profitable growth opportunities of its existing business that includes flood, lender-placed insurance and fine arts.”

About Tokio Marine Highland

Tokio Marine Highland is a leading property and casualty underwriting agency that offers distinct specialty risk management solutions, including private flood, fine art, specialty property, real estate investment and lender-placed insurance. Tokio Marine Highland also includes Precise Adjustments, a wholly owned subsidiary that provides industry-leading claims capabilities.

Founded in 1962, Tokio Marine Highland (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group. Tokio Marine Highland has office locations in Chicago, IL, Dallas, TX, Irvine, CA, Miami, FL, and South Pasadena, CA.

For more information, visit our website at www.tokiomarinehighland.com.

Tokio Marine Highland Appoints Chief Administrative Officer, Chief Operating Officer and Specialty Property Division President

August 1, 2022 – Tokio Marine Highland, a leading property and casualty insurance underwriting agency, today announced the appointment of Linda Long to Chief Administrative Officer, Eric Wurmser to Chief Operating Officer and Kelly Cretti to President, Specialty Property Division.

Photo of Linda Long.
Linda Long, Chief Administrative Officer

Long joined Tokio Marine Highland in 2001, serving in financial and operational roles, most recently as Chief Operating Officer overseeing corporate financial and support functions. In her new role as Chief Administrative Officer, Long will administer the financial, legal, compliance and human resource activities of Tokio Marine Highland.

Photo of Eric Wurmser.
Eric Wurmser, Chief Operating Officer

Wurmser joined Tokio Marine Highland in 2019 as President of the Specialty Property Division. He has more than two decades of experience in the lender-placed insurance industry serving in several senior leadership roles that spanned across operations, finance and product development. In his new role as Chief Operating Officer, Wurmser will administer product development and digital distribution, claims, marketing and communications, and operating system coordination with Tokio Marine Highland’s parent company, Tokio Marine Kiln.

Photo of Kelly Cretti.
Kelly Cretti, President, Specialty Property Division

With more than two decades of experience in financial services, Cretti joined Tokio Marine Highland in 2019 to lead the underwriting responsibilities of the Specialty Property Division as Executive Vice President, Underwriting and Insurance Solutions. In her new role as President of the Specialty Property Division, Cretti will be responsible for the design and delivery of Tokio Marine Highland’s insurance products and services for financial institutions. This includes the oversight of lender-placed hazard, flood, wind and real estate-owned (REO) insurance, collateral protection insurance (CPI), InvestorSelect, guaranteed asset protection (GAP), broker services and related outsourcing solutions.

“Linda, Eric and Kelly are proven, strategic leaders with strong track records of building successful teams,” said Norman Heinrich, Chief Executive Officer of Tokio Marine Highland. “They have the deep knowledge of the industry and operational acumen needed to ensure Tokio Marine Highland continues to be a market leader and is well positioned for future growth.”

About Tokio Marine Highland

Tokio Marine Highland is a leading property and casualty underwriting agency that offers distinct specialty risk management solutions, including private flood, fine art, specialty property, real estate investment and lender-placed insurance. Tokio Marine Highland also includes Precise Adjustments, a wholly owned subsidiary that provides industry-leading claims capabilities.

Founded in 1962, Tokio Marine Highland (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group. Tokio Marine Highland has office locations in Chicago, IL, Dallas, TX, Irvine, CA, Miami, FL, and South Pasadena, CA.

For more information, visit our website at www.tokiomarinehighland.com.

Norman Heinrich Appointed CEO of Tokio Marine Highland

June 30, 2022 – Tokio Marine Highland, a leading property and casualty insurance underwriting agency, today announced the appointment of Norman Heinrich to Chief Executive Officer. Heinrich succeeds Pat Blandford, who stepped down after serving nearly two decades in multiple leadership roles, including CEO since 2018.

Heinrich brings deep expertise and more than 35 years of experience in the property and casualty insurance industry. He joined Tokio Marine Highland (formerly WNC Insurance Services) in 1995 to build the company’s private flood insurance division, growing the product line into a market leader with sustained underwriting profitability.

Most recently, Heinrich served as Chief Underwriting Officer, coordinating the underwriting operations and relationships between Tokio Marine Highland and its parent company Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group.

Photo of Norman Heinrich.
Norman Heinrich, CEO

“I’ve been fortunate to see Tokio Marine Highland’s growth and development over nearly three decades,” Heinrich said. “I’m excited for our future and the opportunity to further our strategy and work even more closely with the various divisions and departments at Tokio Marine Highland and Tokio Marine Kiln. I want to thank Pat for his leadership and guidance in transforming the business into the success it is today.”

“Norman brings extensive knowledge of our business and our industry to the role, having done a sterling job of leading the underwriting strategy for Tokio Marine Highland,” said Brad Irick, CEO of Tokio Marine Kiln. “I am delighted to work with him as we explore Tokio Marine Highland’s ambitions together.”

“I want to extend a huge thanks to Pat for his significant contribution to Tokio Marine Highland and Tokio Marine Kiln over the past two decades of his career,” Irick said. “I am personally grateful to Pat for his strong leadership and direction of Tokio Marine Highland, hard work, support and success in reaching many of our goals together. He leaves the business in a stronger position than when he took up the post as CEO, and I know it will continue to thrive under Norman’s leadership.”

About Tokio Marine Highland

Tokio Marine Highland is a leading property and casualty underwriting agency that offers distinct specialty risk management solutions, including private flood, fine art, specialty property, real estate investment and lender-placed insurance. Tokio Marine Highland also includes Precise Adjustments, a wholly owned subsidiary that provides industry-leading claims capabilities.

Founded in 1962, Tokio Marine Highland (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group. Tokio Marine Highland has office locations in Chicago, IL, Dallas, TX, Irvine, CA, Miami, FL, and South Pasadena, CA.

For more information, visit our website at www.tokiomarinehighland.com.

Tokio Marine Highland Wins 2022 Insurance Technology Impact Award

Tokio Marine Highland has been named a winner of the 2022 Insurance Technology Impact Awards. Presented by the Aite-Novarica Group, the awards recognize insurer IT initiatives and projects that have generated real business impact for their organizations. Tokio Marine Highland was recognized in the Core Systems category as the Midsize Property/Casualty Winner for the Cloud-Based Underwriting Engine.

More than 60 technology projects were submitted for consideration in the 2022 program. Submitted projects are summarized in single-page case studies, which are reviewed and voted on by members of the Aite-Novarica Group Insurance Technology Council, a moderated knowledge-sharing community of more than 350 insurance CIOs and senior executives. Now in its 11th year, the awards recognized 12 winners across four categories: Core Systems, Data and Analytics, Digital, and IT Practice.

Tokio Marine Highland’s Underwriting Engine was built in the cloud to codify the Private Flood Division’s underwriting expertise. The tool calculates flood risk and premium for U.S. addresses, exposed via API. Developed in six months, the tool has reduced processing time from 24 hours to minutes. Tokio Marine Highland is now currently onboarding pay-for-use customers.

Learn more about Aite-Novarica Group’s 2022 Insurance Impact Awards by visiting the organization’s website.

About Tokio Marine Highland

Tokio Marine Highland is a leading property and casualty underwriting agency that offers distinct specialty risk management solutions, including private flood, fine art, specialty property, real estate investment and lender-placed insurance. Tokio Marine Highland also includes Precise Adjustments, a wholly owned subsidiary that provides industry-leading claims capabilities.

Founded in 1962, Tokio Marine Highland Insurance Services, Inc. (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group. Tokio Marine Highland’s home office is located in Chicago, IL, with operating centers in Dallas, TX, Irvine, CA, Miami, FL, Naperville, IL, and South Pasadena, CA.

For more information, visit our website at www.tokiomarinehighland.com.

Top 10 Flood Compliance Tips

Chances are a regulator or investor has reviewed your flood compliance program. They may have also asked to see documentation of your flood compliance procedures.

Based on provisions¹ of the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, we hope you will find the following 10 flood compliance tips helpful:

1. Determine the property’s flood zone prior to loan closing, notify the applicant if flood insurance is required, and provide reasonable time (usually 10 days) to obtain a flood policy. There are three related actions here, but make sure that you always do them before you close the loan.

2. Document the loan file with the flood zone determination and ALL flood compliance activity, and use the required language for borrower notices found in the regulations. “Document” is the operative word. Keep a record of the flood zone and all other compliance actions you took in the loan file. Don’t forget to include any required wording in your notices.

3. Require proof of sufficient flood insurance coverage on each building located in an special flood hazard area (SFHA) to satisfy the minimum requirements of the regulation. Remember, you must require a coverage amount that is at least the lesser of the following amounts: (a) the outstanding principal balance of the loan; (b) the maximum amount of coverage available through the NFIP for the type of property; or (c) the insurable value of the property (i.e., 100% replacement cost value less the value of the land).

4. Escrow flood insurance premiums if you escrow other items, such as hazard insurance, fees, and taxes. Review or revise your escrow procedures if needed, so you don’t overlook this.

5. Monitor flood zone changes for the life of the loan and require flood insurance when a property becomes part of an SFHA. You’re not actually required to monitor flood zone changes, but you know that you must require flood insurance if a property becomes part of an SFHA. Wouldn’t it be better to know about flood zone changes? (Hint: Life of loan monitoring is a good way.)

6. Notify the borrower in writing and provide 45 days for the borrower to submit acceptable proof of insurance if proof of insurance is not provided or the coverage amount is not sufficient. Just keep in mind the “45-day rule” and give your borrower 45 days to send proof of an acceptable flood policy.

7. Purchase flood insurance if after the 45 days’ notice the borrower has not provided proof of acceptable flood insurance. Remember to do #6 above before this.

8. In addition to residential properties and mobile homes, require proof of sufficient flood insurance on commercial property, condominium units, and buildings under construction if the improvement is or will be located in an SFHA. Because the mandatory purchase requirements apply to any improved real estate located in an SFHA of a participating community, don’t forget to require flood insurance on commercial properties, condominiums, and buildings under construction.

9. For subordinate liens, if the property is located in an SFHA, verify that sufficient flood insurance is in place to cover ALL liens; require additional flood insurance if necessary. This may be a little tougher to fulfill, but you can ask your borrower, especially if it is a condition of the loan that adequate flood insurance is required to cover all liens.

10. If the borrower disputes the flood zone determination, do not waive the flood insurance requirement unless you have a letter of map amendment (LOMA) or letter of map revision (LOMR) from FEMA. You may want to assist your borrower in asking FEMA for a LOMA or LOMR so you will have an acceptable basis to waive the flood insurance requirement.

If you have other questions about flood compliance and insurance, contact your Tokio Marine Highland representative today, view our Private Flood Insurance page, or download our lender placed flood insurance product sheet.

¹ 42 U.S.C § 4012a
The information provided above does not, and is not intended to, constitute legal advice; instead, all information provided is for general information purposes only.