HNW is a nice niche. There are E&O and other considerations for the agency that must be considered before taking that kind of leap. Also, for those of us in Florida, you must use extreme caution when selecting a carrier for property. Your high net work client will be quite irritated when FIGA offers them the $300,000 + $200,000 cap.
Most of our clients don’t fall into the HNW category. When we do have one, Chubb is the market to go to. I don’t think I would trust Chartis for anything since they are the infamous AIG. Also, the property market in Texas is kind of in the toilet with huge rate taking and companies don’t like the higher value properties due to Wind & Hail exposure. It is tough all over right now.
His point is that he doesn’t like people that have been successful and have a lot of assets to protect. They pay a lot of premium and expect their agent to provide high limits, Umbrellas and cover their homes, autos, boats, miscellaneous properties etc. Often, we have to protect their grown kids as well with all their toys etc. That can be problematical at times since they were born with a silver spoon and have some issues, particularly with driving records and accidents.
AON has done very well in this segment, as it’s all the personal lines they will write. My best friend works for AON Risk Management and I was fobbed off to a service center because my account was not big enough for her to handle. They use Chubb, Fireman’s Fund and Chartis. Evidently Chartis HNW personal lines provides much better service than the other AIG commercial franchises. If you can’t write an account, at least try to partner with an AON agent for a broker deal and get some compensation.
The right agent with the more than one carrier suitable to HNW can match the client with the carrier appropriately, spending time and getting to know what your HNW client’s biggest concerns are and matching those concerns with right product available through Chubb, Fund, ACE, Chartis, Pure is the way to go.
HNW is a nice niche. There are E&O and other considerations for the agency that must be considered before taking that kind of leap. Also, for those of us in Florida, you must use extreme caution when selecting a carrier for property. Your high net work client will be quite irritated when FIGA offers them the $300,000 + $200,000 cap.
err…net worth clients. net work, must need more coffee.
Most of our clients don’t fall into the HNW category. When we do have one, Chubb is the market to go to. I don’t think I would trust Chartis for anything since they are the infamous AIG. Also, the property market in Texas is kind of in the toilet with huge rate taking and companies don’t like the higher value properties due to Wind & Hail exposure. It is tough all over right now.
Ever try to deal w/Chubb? Might want to consider Fireman’s Fund instead.
Sounds like a bunch of snobs to me. certainly makes a point for the 1%ers and I’m not an Obama supporter.
Then what is your point??
His point is that he doesn’t like people that have been successful and have a lot of assets to protect. They pay a lot of premium and expect their agent to provide high limits, Umbrellas and cover their homes, autos, boats, miscellaneous properties etc. Often, we have to protect their grown kids as well with all their toys etc. That can be problematical at times since they were born with a silver spoon and have some issues, particularly with driving records and accidents.
AON has done very well in this segment, as it’s all the personal lines they will write. My best friend works for AON Risk Management and I was fobbed off to a service center because my account was not big enough for her to handle. They use Chubb, Fireman’s Fund and Chartis. Evidently Chartis HNW personal lines provides much better service than the other AIG commercial franchises. If you can’t write an account, at least try to partner with an AON agent for a broker deal and get some compensation.
The right agent with the more than one carrier suitable to HNW can match the client with the carrier appropriately, spending time and getting to know what your HNW client’s biggest concerns are and matching those concerns with right product available through Chubb, Fund, ACE, Chartis, Pure is the way to go.