High net worth

AIG’s Zaffino: Private Client Select set for additional capital providers following Q3 launch

AIG chairman and CEO Peter Zaffino said the new MGA formed to take on its HNW portfolio in a transaction with Stone Point Capital is set to bring on additional capital providers through the second half of 2023, as he also added detail on the sale of Crop Risk Services to American Financial Group.

AIG and Stone Point cement MGA deal for HNW-focused PCS

AIG has confirmed it has finalised its agreement with funds managed by Stone Point to support the formation of independent HNW MGA Private Client Select Insurance Services, with the new platform forecast to begin writing business in the third quarter.

Chubb names Vaughan to lead its European PRS division

Chubb has promoted Stephen Vaughan to head of its European Personal Risk Services (PRS) division as former head Annmarie Camp returns to the US as business development leader for Chubb, North America.

Ardonagh Europe builds Dutch platform with Classicus deal

Private equity-backed Ardonagh Group has continued its expansion in the Netherlands with the acquisition of high-net-worth broker Classicus.

Cinven-owned Säkra acquires HNW MGA Brookfield Underwriting

Cinven-owned Swedish intermediary Säkra has acquired specialist high net worth (HNW) MGA Brookfield Underwriting

Stone Point Capital finds HNW allure impossible to resist

One of Stone Point Capital’s first transactions after it was forcibly spun out of MMC in 2005 was the launch of the high net worth program writer PURE the following year.

AIG’s Zaffino: HNW partnership with Stone Point will improve product offerings

AIG has confirmed it has agreed to partner with Stone Point on a new MGA which will house the insurer’s high net worth (HNW) business in a move first revealed by this publication.

AIG set to transfer HNW business to new MGA with Stone Point backing

AIG is planning to move high net worth (HNW) business written by its Private Client Group (PCG) division into a new MGA that will be formed in partnership with private equity firm Stone Point, with the book fronted by the insurance giant backed by third-party capital, The Insurer can reveal.

MMA’s Clear: Hurricane Ian to spur further HNW pullback in Florida

The impact of Hurricane Ian will result in a further pullback from Florida among high-net-worth (HNW) carriers while the Sunshine State will also see additional homeowners insurer insolvencies, Marsh McLennan Agency (MMA)’s Brad Clear has forecast.

AM Best ends review and affirms Vault’s A- rating after capital injection

The A- ratings of Vault E&S Insurance Company and Vault Reciprocal Exchange have been affirmed and removed from under review with negative implications by AM Best after the high net worth (HNW) specialist added $35mn of capital via a surplus note and bought more cat cover at its mid-year renewal.

AIG to shift more HNW business to non-admitted market and bring in third-party capital

AIG will move homeowners and potentially other high net worth (HNW) products from the admitted to the non-admitted market in more states as it also works on a structure to bring in further third-party capital to support the business in the face of rising cat reinsurance costs, according to chairman and CEO Peter Zaffino.

Pure hires Gen Re’s Leitch as CUO

Pure Insurance has appointed Martin Leitch as chief underwriting officer, with the new hire joining the Tokio Marine-owned high net worth (HNW) insurer after 17 years at Gen Re.

Aviva enters exclusive talks to acquire with Azur’s HNW unit

Aviva has entered into exclusive negotiations with specialist London MGA Azur Underwriting to acquire its high-net-worth (HNW) personal lines business in the UK and Ireland.

CinFin “confident” in workers’ comp book as inflation continues to surge

Executives at super-regional carrier Cincinnati Financial expressed confidence that its workers’ compensation portfolio will continue to perform well, as surging economic inflation pushes loss costs and exposure units higher, even as pricing for the line of business continues falling.

Nationwide E&S has deployed half of Cali wildfire capacity

Nationwide E&S has deployed just over half of the $1bn in capacity it has allocated to write high-net-worth (HNW) wildfire-exposed homeowners coverage in California, and the carrier will in the coming months take a decision on whether to increase its commitment to the space even further, The Insurer can reveal.

AM Best puts Vault under review with negative implications following surplus erosion

Rating agency AM Best has put Vault’s A- financial strength and long-term issuer credit ratings under review with negative implications, after the high net worth specialist’s surplus fell by 18 percent in 2021 to $156mn.

Hub names Frattarola as executive VP and leader of HNW practice

Hub International has hired Katherine Frattarola as executive vice president and leader of its private client high-net-worth practice.

PURE Programs’ Galante: E&S reciprocal exchange to provide important new capacity

The E&S platform unveiled by PURE Insurance’s parent company Privilege Underwriters last week will provide “important, more stable” solutions for members of the high-net-worth (HNW) specialist with challenging exposures by introducing its own new offerings and supporting existing program partners as a quota share reinsurer, The Insurer can reveal.

New PURE E&S platform to target California and several East Coast states

Tokio Marine-owned Privilege Underwriters has launched E&S platform PURE Specialty Exchange (PSE) in a move it says is aimed at addressing the increasing needs of its high net worth (HNW) customer base for non-admitted solutions, including in areas where admitted carriers continue to retrench.

Nationwide E&S targets HNW segment with $1bn California wildfire capacity

The $1bn of capacity allocated by Nationwide E&S to write wildfire coverage in California is targeted at the high-net-worth segment with products distributed by a select group of wholesalers including Gorst & Compass, Burns & Wilcox, RT Specialty and Hull & Company as distribution partners, The Insurer can reveal.

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