High net worth | Insurance Insider US

The market expects a lower proportion of restoration by utilities than after 2018’s Camp Fire.

On average, Pure members will see a 7.6% rate decrease.

The independent MGU was spun out of AIG in 2023.

Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.

Dale Krupowicz was also named head of operations for the segment.

Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.

Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.

Hagerty Re will now assume 100% of the premium and 100% of the risk.

Weatherbys Hamilton provides private client, bloodstock and farm coverage.

The industry veteran has been in personal lines HNW for more than four decades.

When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.

The January wildfires did little to hamper their appetite, apart from California.

The transition will be implemented starting October 15.

The executive has been with the firm for close to 15 years.

Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.

The LA wildfires, however, will be the firm’s largest event to date.

Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.

The counties make up for the majority of the state’s high net worth market, sources said.

The coverage will only be available in Illinois and Michigan at first.

The MGA recently secured capacity to write HNW homes in California.

Four cat modelers have also submitted their tech for regulatory review.

The carrier is only going to write new business on E&S paper, sources said.

Under the new guidelines, the carrier is requiring more distance from the brush.

Former PRS president Ana Robic was promoted to regional president.