Nationwide Private Client insurance products and services for affluent clients are now available in four new states: Alaska, Idaho, Minnesota, and Tennessee, bringing the total number of states served to 16.
Nationwide Private Client business formerly went under the name Crestbrook Insurance; it was re-branded with the Nationwide name earlier this month. Crestbrook entered the affluent market two years ago starting in Illinois.
According to Molly Rondeau, Distribution, Sales and Marketing executive for Nationwide Private Client, these products and services include superior coverage for home, auto, collections, personal excess liability, secondary residences and additional exposures.
The carrier also provides “concierge claim service and one-on-one support from risk solution advisors.”
Nationwide Private Client services are currently offered in Alaska, Arizona, California, Colorado, Idaho, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada, Ohio, Oregon, Tennessee, Texas, and Washington.
The company said it has plans to add more states later this year and throughout 2016.
Private Client policies are offered through independent agents.
Jim Pedersen, president of Nationwide Private Client product line, said the re-branding of Crestbrook draws on the benefits of being part of one of the world’s largest financial companies. “Now our name better reflects that relationship,” he said.
High Net Worth Market Shake-Up
Some insurers may see an opportunity in the consolidation among larger carriers serving high-end clients due to the ACE Limited acquisition of Chubb Insurance. Both ACE and Chubb serve the affluent market and ACE also purchased the high net worth business of Fireman’s Fund.
“The affluent market is currently experiencing rapid change – creating a variety of unique, time-sensitive opportunities,” Nationwide’s Pedersen told Insurance Journal. “Our experience tells us that our agency partners choose to do business based on relationships and trust. Our established relationships, combined with the power of the highly recognized Nationwide brand, positions us well in the marketplace.”
American International Group (AIG) is also a major player in this market. AIG CEO Peter Hancock has said that the reduction of major competitors in this space may benefit AIG.
“It does create opportunity in terms of customers, talent and a slight shift in the balance of power between carriers and brokers” given there will be fewer carriers in the market, he said during an analyst call earlier this month.
Privilege Underwriters Reciprocal Exchange (PURE), another company targeting high net worth individuals and families, has just expanded its southeast regional hub in Charleston, S.C. to accommodate growth.
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