Hiscox Starts Agency for High-Net-Worth Customers

Seeing an underserved market, Hiscox has launched a private client agency to serve high-net-worth individuals in the United Kingdom.

“Research shows that 80 percent of high-net-worth (HNW) customers don't use a HNW insurer,” says Justin Gott, head of art and private client at Hiscox, in a statement.

Hiscox has opened Hiscox Private Client, a wholly-owned agency offering Hiscox products exclusively.

The private client team is comprised of James Standen, a senior underwriter, and David Raw, who is coming over from Henderson Insurance Brokers in Leeds. He will develop business in the North of England, says Hiscox.

It was specialist commercial brokers who brought this market opportunity to Hiscox.

Peter Blackmore, founder of broker Blackmore Borley says, “Many of our commercial clients also represent private-client opportunities and this enables those clients to enjoy a similarly high level of service to that which they already enjoy on the commercial insurance.”

Former broker Raw adds, “It's a competitive market and brokers are increasingly under pressure to offer customers more of what they want. Hiscox Private Client presents a valuable opportunity to commercial brokers to offer a broader range of products to both existing and new customers.”