The Private Risk Management Association (PRMA) on Tuesday announced its formation as a nonprofit, independent, member-owned organization committed to supporting the specialist high net worth insurance category through enhanced education, practice management, awareness and advocacy.
Specialist carriers ACE Private Risk Services and Privilege Underwriters Reciprocal Exchange (PURE), as well as numerous independent agents and brokers across the country, are among PRMA’s founding members and sponsors.
“Despite overwhelming evidence to suggest that affluent families are better served by the coverage and advice offered by specialists, and the growth of the HNW population over the past several years, specialist insurers continue to lose market share to standard providers,” said Sandra Bravo, PRMA president and former CEO of Willis Personal Lines. “We believe that carriers and brokers can reverse this trend by rallying together, increasing awareness and focusing relentlessly on enhancing the customer experience.”
Through collaboration by member insurers, agents and other specialists serving the niche, PRMA plans to:
Led by Bravo, PRMA’s board of trustees includes the following seasoned industry veterans:
For more information or to join PRMA as an individual or corporate member, visit privateriskmanagement.org.
Source: Private Risk Management Association