high net worth market News

Allied World Sells Majority Stake in High-Net Worth Insurer Vault

Fairfax Financial Holdings and its subsidiary Allied World Assurance Co. have agreed to sell their majority interests in Florida-based high-net worth insurer Vault E&S Insurance Co. to private equity investor Cornell Capital and asset manager Hudson Structured Capital Management. Fairfax, …

HDI Global Specialty Enters German Fine Art, High Net Worth Market with Hire from AXA

HDI Global Specialty SE is entering the German Fine Art and high net worth insurance market with the appointment of Dr. Alexander Wiebe from AXA. He joins the specialty lines insurer as head of Fine Art & Lifestyle Continental Europe, …

Brit Enters High Net Worth Market with Launch of Private Client Offering

Brit Ltd., the London-based specialty insurer and reinsurer, has launched a private client offering. Brit Private Client will provide brokers operating in the high and ultra-high net worth market, and their clients, with a bespoke approach. It will offer clients …

Tokio Marine Completes Acquisition of High Net Worth Insurance Specialist Pure Group

Tokio Marine Holdings announced that it has completed the acquisition of Privilege Underwriters Inc. and its subsidiaries, known as Pure Group, which specializes in the U.S. high net worth insurance market. The deal was announced last October. The acquisition price …

AIG Expanding at Lloyd’s With New Unit for U.S. High-Net Worth Market

American International Group Inc. is ramping up its bet on the wealthiest Americans with a new push to offer policies through the Lloyd’s of London marketplace and write as much as $1 billion in gross premiums. AIG plans to create …

The Next Insurance Battleground: High-Value Customers

Competition is tightening across the P&C insurance market. With just 2 percent of new consumers entering the personal lines auto insurance market last year, and with retention rates hovering around 88 percent, most insurers face a zero-sum proposition in which …

QBE’s Zortman Joins AIG to Lead Private Client Group

American International Group said Kathleen Zortman will join the company as president and chief executive officer of Private Client Group, General Insurance. In this new role, Zortman will lead AIG’s global high net worth portfolio, with responsibility for strategy, underwriting …

A.M. Best Upgrades Ratings of PURE Group

A.M. Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” from “a-” for both members of the PURE Group of Insurance Companies (PURE). The members, both domiciled …

Getting Personal in Today’s High Net Worth Market: PURE Group

The personal lines market gets very personal in the high net worth segment, according to one of the market leaders. PURE Group of Insurance Companies’ Chief Claims Officer Michael Taylor says that to excel in this market, agents, brokers and …

UK MGA Plum Launches High Net Worth Home Cyber Cover

Plum Underwriting, the London-based specialist home insurance managing general agent, announced the launch of cyber and data risks cover embedded within high net worth (HNW) and mid net worth (MNW) home insurance products in the UK. Plum’s Home Cyber covers …