Gallagher, an international insurance brokerage, risk management and consulting firm, has introduced a new multi-member personal insurance captive aimed at high-net-worth individuals in the United States.
The company said the launch broadens its US Private Client proposition by offering eligible clients an alternative insurance structure with increased flexibility, greater control and additional product choice.
According to Gallagher, the new Private Client Signature Captive gives participants access to cover for residential property, household contents and valuable possessions through an A.M. Best A++ (Superior) rated insurer. The arrangement has been developed in partnership with Artex, Gallagher’s wholly owned alternative risk and capital business.
Gallagher said the captive allows participating members to insure their assets collectively while sharing in the programme’s financial performance when claims experience is favourable. The company said the approach applies a risk-financing model commonly used in the commercial insurance sector to the personal insurance market for high-net-worth clients.
“Gallagher Private Client is proud to introduce a new market solution – bringing a proven commercial risk-financing strategy into the personal insurance space in a meaningful way,” commented Laila Brabander, President, Gallagher Private Client. “The Private Client Signature Captive creates a new category for our industry, offering clients greater transparency and the opportunity to benefit financially from their strong risk management.”
Frank McMackin, President, Artex North America, added: “Partnering with Gallagher Private Client allows us to deliver a level of risk sophistication usually reserved for large corporations. The Private Client Signature Captive combines elite coverage with the financial efficiency of alternative risk structures, enabling individuals to collectively unlock greater control over their assets and returns.”
