OLDWICK, N.J.--(BUSINESS WIRE)--This A.M.BestTV episode examines personal lines insurers that have turned their focus to high net worth and ultra-high net worth insureds by offering specialized personal lines coverages across borders. Click on http://www.ambest.com/v.asp?v=aceff615 to view the video program.
Competition among insurers that target high net worth personal lines clients is heating up. “High net worth as defined by the industry is roughly a $30 billion opportunity,” said Juan Andrade, division president, global personal lines and small commercial insurance at ACE Group. “However, almost 80% of that $30 billion is with standard or direct carriers, so the challenge is how to work with your agents and brokers to get access to these clients.”
ACE recently completed its acquisition of the Fireman’s Fund Insurance Company’s U.S. high net worth personal lines insurance business, valued at $365 million.
Robert Hartwig, president at Insurance Information Institute acknowledges that these clients “have needs that most times cannot be met by standard policies, since most have multiple homes and vehicles, as well as, air and water crafts in not only different states, but sometimes different countries. These are global citizens with complex insurance needs.”
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