A new trade association has been formed to focus specifically on a segment of the property-insurance industry that has seen substantial growth in the last several years: The Council for Insuring Private Clients (CIPC) has its sights on developing best practices for providing insurance solutions to the high-net-worth demographic.
Richard Kerr, CEO of MarketScout, says the Dallas-based electronic insurance exchange is a founding partner and developer of the association, which already calls Ace, AIG, Fireman's Fund and Lloyd's among its partners. A dozen of the largest high-net-worth personal-insurance firms are on board, he adds.
"It has been phenomenally well-received," Kerr tells NU. "This is a segment of the industry that has received a lot of attention the last few years; independent agents solely devoted to this product line have popped up everywhere."
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