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:

1. Provide independent education opportunities that allow members to better serve their HNW clients.
2. Develop a professional certification program to differentiate individuals that have achieved an exceptional level of expertise.
3. Lift awareness of the distinctive benefits of specialist insurers, agents and brokers, helping to attract consumers who are currently insured in the standard insurance marketplace.
4. Develop practice management solutions—built for specialists, by specialists—to help members run their businesses more efficiently and effectively.
5. Provide a unified voice when awareness and advocacy are needed to advance issues affecting the HNW insurance industry.

Led by Bravo, PRMA’s board of trustees includes the following seasoned industry veterans:

• Ross Buchmueller, president & CEO of PURE Group of Insurance Cos.
• Ray Celedinas of Celedinas Insurance Group, and partner in Assurex Global
• Robert H. Courtemanche, chairman of ACE Private Risk Services
• James P. Kane, SVP of USI Personal Insurance
• Lisa Lindsay, former president of Marsh Private Client Services
• Susan Ogrodnik-Smith, chief sales officer in personal insurance at Hub International
• Gary J. Pasternack, principal and director of insurance advisory at Bessemer Trust
• Nicki Colosi Trilling, independent insurance consultant

For more information or to join PRMA as an individual or corporate member, visit privateriskmanagement.org.

Source: Private Risk Management Association