High net worth

AM Best upgrades PURE after Tokio Marine keep-well deal and recapitalisation

The two operating units of high net worth-focused PURE Group of Insurance Companies have had their financial strength (FSR) and long-term issuer credit ratings (ICRs) upgraded by AM Best after they secured additional financial support from ultimate parent Tokio Marine & Nichido Fire Insurance Co Ltd (TMNF).

Aviva to acquire Axa XL UK private client unit

Axa XL’s 30-strong UK private client team is set to move to UK insurer Aviva in a deal set to complete later this year, The Insurer can reveal.

Applied UW lures Fiamma-led trio from AIG to launch fine art and collectibles unit

Ambitious US insurance group Applied Underwriters has taken Ron Fiamma, Rand Silver and Christopher Walsh from AIG to build out its newly formed Applied Fine Art & Collectibles unit, The Insurer can reveal.

Vault to accelerate growth with new Cornell investment

Vault Holdings expects to accelerate its expansion plans in the circa $50bn high net worth (HNW) market with the support of its new owner Cornell Capital, on the back of strong 2020 top line growth of 70 percent to around $100mn, The Insurer can reveal.

Cornell Capital and Hudson Structured to acquire HNW specialist Vault

A private equity consortium led by Cornell Capital with support from existing investor Hudson Structured Capital Management (HSCM) has agreed to buy high net worth (HNW) specialist Vault Holdings in a move that will inject significant additional capital to accelerate the rollout of the business.

Morgan Stanley teams up with broking trio to offer HNW products

Morgan Stanley has entered into a new partnership with Hub International, Marsh Private Client Services and Willis Towers Watson (WTW) to offer high net worth (HNW) clients a suite of property and casualty insurance products.

AIG HNW refocus implies lower premiums but better profitability: KBW

AIG’s move to let go upper middle-market business currently written by its Private Client Group (PCG) to Safeco and Heritage suggests the unit’s top line will fall but margins will increase, according to analysts from Keefe, Bruyette & Woods.

Brit enters HNW insurance market

Lloyd’s insurer Brit has entered into the high net worth (HNW) insurance market with the launch of a private client business.

Epic hires Howard to head elite athletes and entertainers unit

US retail broker Epic has hired Dave Howard to head up the unit of its high net worth platform that targets elite athletes, entertainers and other “successful” individuals.

Tokio closes Pure deal, S&P lowers HCC operating units’ ratings

S&P Global Ratings has lowered the ratings of HCC’s operating companies to match those of Japanese parent Tokio Marine following the completion of the acquisition of high net worth (HNW) specialist Privilege Underwriters and its subsidiaries, known collectively as Pure Group.

Alternative capital market fatigued: Duperreault

The alternative capital market is in a state of flux, with investors in the sector “fatigued” by consecutive years of trapped capital, AIG’s Brian Duperreault has said.

AIG unveils Lloyd’s syndicate writing up to $1bn of US HNW premium

AIG is launching a new syndicate at Lloyd’s serving the US high net worth market that it says will bring substantial and accretive new business to One Lime Street.

Kemper to move $16mn collector vehicle book to Hagerty

US insurer Kemper has entered into a marketing agreement with Hagerty to transfer its $16mn Classic Collectors book to the classic car insurance specialist and its underwriting carrier.

Vault plans major geographical and product expansion in 2019

A year and a half after its launch, high net worth (HNW) insurer Vault has received approval to write on an admitted basis in Connecticut, New Jersey and Pennsylvania as it looks to roll out its homeowners offering to 15 new states this year, The Insurer can reveal.