High Net Worth insurance is designed for policyholders with a net worth of 5 million or more. This segment represents about 5% of the population and the needs of this group are very complex. In 2015, Chubb was acquired by ACE. This acquisition was a surprise to many in the insurance industry and agents are still letting the dust settle before offering an opinion on the deal.
Since the Chubb acquisition was announced several other insurance companies have started offering High Net Worth insurance or so they say. Saying you offer High Net Worth insurance and actually meeting the needs of this select group of clients are two different things.
High Net Worth clients have multiple moving parts including multiple properties, cars, antique cars, rare paintings, jewelry and increased liability exposures. Deciding which insurance company to protect your assets should not be taken lightly. Not all insurance companies are the same especially when it comes to High Net Worth insurance.
Chubb had one of the best reputations in the industry for High Net Worth insurance. Customers loved Chubb so did agents. ACE recognized the value Chubb brought to the table and decided to keep the Chubb name. Time will tell if Chubb’s Masterpiece® policy coverage and claim service remain the benchmark in the industry.
Selecting the Right Insurance Company
Before deciding which insurance company to go with, ask your agent how long the company has been offering High Net Worth insurance. If the agent tells you how long the company has been in business, ask again how long have they been offering High Net Worth insurance? High Net Worth insurance is not the same and main street insurance. This type of insurance is offered through specialized brokers and companies, who understand the characteristics of their customers and the risks they face.
The Andrew Agency
The Andrew Agency, an independent insurance broker, has a Private Client Group division dedicated to the needs of High Net Worth customers. The Andrew Agency has access to several High Net Worth insurance companies including Chubb, Cincinnati and AIG. Contact The Andrew Agency at 804.320.2886 to schedule a face to face consultation.