An industry group composed of players in the high-net-worth insurance market has been formed, with the ACE and PURE insurance companies among its initial members.
The Private Risk Management Association (PRMA) is an independent, non-profit, member-owned organization that will focus on education, practice management, advocacy and raising public awareness about high-end insurance products in the niche market, according to a statement released by the group.
The group said one of its priorities will be to develop a high-net-worth insurance specialty certificate program.
“Despite overwhelming evidence to suggest that affluent families are better served by the coverage and advice offered by specialists, and the growth of the HNW population over the past several years, specialist insurers continue to lose market share to standard providers,” said Sandra Bravo, PRMA president and former CEO of Willis Personal Lines. “We believe that carriers and brokers can reverse this trend by rallying together, increasing awareness, and focusing relentlessly on enhancing the customer experience.”
The group’s membership consists of two carriers that specialize in high-end insurance, ACE Private Risk Services and Privilege Underwriters Reciprocal Exchange (PURE), and independent agents and brokers from across the nation, according to PRMA.
The group’s founding board of trustees members are Ross Buchmueller, president and CEO, PURE; Ray Celedinas of Celedinas Insurance Group, and partner in Assurex Global; Robert H. Courtemanche, chairman, ACE Private Risk Services; James P. Kane, senior vice president, USI Personal Insurance; Lisa Lindsay, former president of Marsh Private Client Services; Susan Ogrodnik-Smith , chief sales officer, personal insurance, Hub International; Gary J. Pasternack, principal, director of insurance advisory, Bessemer Trust; and Nicki Colosi Trilling, an independent insurance consultant.
More information is available at the group’s Web site, privateriskmanagement.org.
