Private Client Select Insurance Services LLC (PCS), an independent Managing General Underwriter mainly owned by American International Group, Inc. (AIG) and Stone Point Capital LLC, has revealed a new partnership with Ryan Specialty.
In this partnership, Ryan Specialty will exclusively serve as the wholesale broker for PCS in the High and Ultra-High-Net-Worth markets across the United States.
The exclusive partnership with Ryan Specialty enables PCS to rapidly expand and offer a diverse range of solutions by utilising Ryan Specialty’s extensive broker network. This partnership will help meet client needs with clear risk profile guidance.
“Our distribution partnership with Ryan Specialty will advance PCS’s transformation into a best-in-class Managing General Underwriter in the high and ultra-high-net-worth markets,” added Christopher Flatt, Interim CEO of Private Client Select.
“Ryan Specialty complements PCS’s deep underwriting, portfolio management, distribution and technological expertise, and together, we are ideally positioned to more efficiently deliver differentiated capabilities and services to our retail partners and clients.”
AIG will maintain its capacity support through its various insurance entities and will continue to delegate underwriting authority and guidelines to PCS.
“PCS’s exclusive wholesale distribution partnership with Ryan Specialty is a major milestone for PCS and AIG and creates the ability to access the market with an industry leader in the wholesale segment with the infrastructure, expertise and unique capability to profitably scale businesses,” said Peter Zaffino, Chairman and Chief Executive Officer of AIG.
Zaffino continued: “We have the utmost respect for Pat Ryan and Tim Turner, and the partnership with Ryan Specialty will enable PCS to provide comprehensive admitted and non-admitted capabilities to meet clients’ needs as the business evolves to address supply chain constraints, the impact of inflation on the housing market, and the increased frequency and severity of secondary perils.”
“I am also very pleased to announce the formation of Marbleshore Specialty, which will serve as AIG’s 50-state E&S company dedicated to the ultra and high-net-worth business.”
Additionally, AIG plans to increase Excess and Surplus Lines (E&S) aggregate capacity to better serve brokers, agents, and clients. AIG will also provide exclusive E&S coverage nationwide through Marbleshore Specialty Insurance Company, pending regulatory approval.
Pat Ryan, Founder, Chairman and CEO of Ryan Specialty, commented: “PCS’s strategic use of E&S paper creates flexible solutions to address coverage gaps in the high-net-worth and ultra-high-net-worth markets.”
“This exclusive distribution partnership with PCS will further enhance our national wholesale brokerage business and the superior service Ryan Specialty provides to our high-net-worth customers. We look forward to working closely with PCS and AIG to deliver new products and services to this highly coveted segment of the market.”
