Michael Palotay, formerly chief underwriting officer of Tokio Marine HCC’s cyber and professional lines group, has been named the group’s president, the company said Wednesday.
Mr. Palotay succeeds Ricard Robin, who is retiring and will remain in a consulting capacity until April 1, the Encino, California-based group said in its statement.
With more than 15 years’ experience in the insurance industry, Palotay has previously held senior roles at AIG and NAS Insurance.
As President, he will continue the Cyber & Professional Lines Group’s focus on delivering innovative products and services, while also 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,” said 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.”