Private Client Select Forms Exclusive Distribution Partnership with Ryan Specialty for Excess & Surplus Lines
Private Client Select Insurance Services (PCS), majority-owned by AIG and Stone Point Capital, has formed an exclusive distribution partnership with Ryan Specialty for the High and Ultra-High-Net-Worth markets in the U.S. This partnership aims to accelerate PCS's growth by leveraging Ryan Specialty's extensive broker network. AIG will continue to provide capacity and delegate underwriting authority to PCS, while also allocating more Excess and Surplus Lines (E&S) capacity. Additionally, AIG will offer exclusive E&S paper in all 50 states through Marbleshore Specialty Insurance Company, pending regulatory approval. This collaboration is expected to enhance PCS's position as a leading Managing General Underwriter and enable more efficient delivery of services to retail partners and clients.
Private Client Select Insurance Services (PCS), di maggioranza di AIG e Stone Point Capital, ha formato una partnership di distribuzione esclusiva con Ryan Specialty per i mercati degli High e Ultra-High-Net-Worth negli Stati Uniti. Questa collaborazione mira ad accelerare la crescita di PCS sfruttando la vasta rete di broker di Ryan Specialty. AIG continuerà a fornire capacità e delegare l'autorità di sottoscrizione a PCS, oltre a allocare maggiori capacità per le linee Eccesso e Surplus (E&S). Inoltre, AIG offrirà carta E&S esclusiva in tutti i 50 stati attraverso la Marbleshore Specialty Insurance Company, in attesa di approvazione normativa. Si prevede che questa collaborazione migliori la posizione di PCS come principale Managing General Underwriter e consenta una consegna più efficiente dei servizi ai partner retail e ai clienti.
Private Client Select Insurance Services (PCS), de propiedad mayoritaria de AIG y Stone Point Capital, ha formado una asociación de distribución exclusiva con Ryan Specialty para los mercados de High y Ultra-High-Net-Worth en los EE. UU. Esta asociación tiene como objetivo acelerar el crecimiento de PCS aprovechando la extensa red de corredores de Ryan Specialty. AIG seguirá proporcionando capacidad y delegando autoridad de suscripción a PCS, mientras también asigna más capacidad de Excedentes y Sobrantes (E&S). Además, AIG ofrecerá papel exclusivo de E&S en los 50 estados a través de Marbleshore Specialty Insurance Company, sujeto a aprobación regulatoria. Esta colaboración se espera que mejore la posición de PCS como un importante Managing General Underwriter y permita una entrega más eficiente de servicios a los socios minoristas y a los clientes.
Private Client Select Insurance Services (PCS)는 AIG 및 Stone Point Capital이 대다수를 소유하고 있으며, 미국의 고액 및 초고액 자산 시장을 위해 Ryan Specialty와 독점적 유통 파트너십을 체결했습니다. 이 파트너십은 Ryan Specialty의 광범위한 브로커 네트워크를 활용하여 PCS의 성장을 가속화하는 것을 목표로 하고 있습니다. AIG는 PCS에 용량을 제공하고 인수 권한을 위임하는 한편, 과잉 및 잉여 라인(E&S) 용량을 더욱 할당할 것입니다. 또한, AIG는 Marbleshore Specialty Insurance Company를 통해 모든 50개 주에서 독점 E&S 문서를 제공할 예정이며, 이는 규제 승인을 기다리고 있습니다. 이 협력은 PCS가 주요 Managing General Underwriter로서의 입지를 강화하고 소매 파트너 및 고객에게 보다 효율적인 서비스 제공을 가능하게 할 것으로 기대됩니다.
Private Client Select Insurance Services (PCS), majoritairement détenue par AIG et Stone Point Capital, a formé un partenariat de distribution exclusif avec Ryan Specialty pour les marchés des clients à haut et très haut patrimoine aux États-Unis. Ce partenariat vise à accélérer la croissance de PCS en tirant parti du vaste réseau de courtiers de Ryan Specialty. AIG continuera à fournir des capacités et à déléguer l'autorité de souscription à PCS, tout en allouant davantage de capacité en Excess and Surplus Lines (E&S). De plus, AIG proposera des documents E&S exclusifs dans les 50 États via la Marbleshore Specialty Insurance Company, sous réserve de l'approbation réglementaire. Cette collaboration devrait renforcer la position de PCS en tant que gestionnaire général souscripteur (Managing General Underwriter) et permettre une livraison de services plus efficace aux partenaires de détail et aux clients.
Private Client Select Insurance Services (PCS), überwiegend im Besitz von AIG und Stone Point Capital, hat eine exklusive Vertriebspartnerschaft mit Ryan Specialty für die Märkte der High- und Ultra-High-Net-Worth-Kunden in den USA gebildet. Diese Partnerschaft zielt darauf ab, das Wachstum von PCS zu beschleunigen, indem sie das umfangreiche Broker-Netzwerk von Ryan Specialty nutzt. AIG wird weiterhin Kapazitäten bereitstellen und die Zeichnungsbefugnis an PCS delegieren, während auch mehr Kapazität in Excess and Surplus Lines (E&S) zugewiesen wird. Darüber hinaus wird AIG exklusive E&S-Dokumentation in allen 50 Bundesstaaten über die Marbleshore Specialty Insurance Company anbieten, vorbehaltlich der behördlichen Genehmigung. Diese Zusammenarbeit wird voraussichtlich die Position von PCS als führenden Managing General Underwriter stärken und eine effizientere Bereitstellung von Dienstleistungen für Einzelhandelspartner und Kunden ermöglichen.
- Exclusive distribution partnership with Ryan Specialty expands PCS's access to high-net-worth markets
- AIG allocating more Excess and Surplus Lines (E&S) aggregate capacity
- Formation of Marbleshore Specialty Insurance Company to provide exclusive E&S paper in all 50 states
- Partnership expected to accelerate PCS's growth and improve service delivery
- None.
This partnership between Private Client Select (PCS) and Ryan Specialty marks a significant strategic move in the high and ultra-high-net-worth insurance market. The exclusive distribution agreement leverages Ryan Specialty's extensive broker network, potentially accelerating PCS's growth and market penetration. From a financial perspective, this could lead to increased premium volume and revenue for both entities.
AIG's commitment to provide additional Excess and Surplus Lines (E&S) capacity through PCS is particularly noteworthy. The E&S market has been growing rapidly, with
The formation of Marbleshore Specialty Insurance Company as AIG's dedicated E&S entity for ultra and high-net-worth business is a strategic asset. It allows for more flexible underwriting and potentially higher margins, as E&S insurers typically face less regulatory constraints on pricing and policy forms.
While specific financial projections aren't provided, this partnership has the potential to significantly boost revenues and market share for all parties involved. Investors should monitor future earnings reports for tangible impacts of this strategic alliance.
This partnership represents a strategic realignment in the high-net-worth (HNW) insurance market. By leveraging Ryan Specialty's wholesale distribution network, PCS is poised to expand its market reach significantly. This move is particularly astute given the current market conditions.
The HNW insurance market has been facing challenges, including supply chain disruptions and inflationary pressures on housing values. These factors have led to increased replacement costs and potential coverage gaps. The partnership's focus on providing comprehensive admitted and non-admitted capabilities is a direct response to these market dynamics.
The emphasis on Excess and Surplus (E&S) lines is crucial. E&S provides flexibility in underwriting and pricing, allowing insurers to adapt quickly to changing risk profiles. This is particularly valuable in the HNW segment, where unique assets and lifestyle risks often require bespoke coverage solutions.
The formation of Marbleshore Specialty as a dedicated E&S company for the HNW segment is a strategic differentiator. It allows AIG to offer tailored solutions across all 50 states, potentially capturing market share from competitors who may have more geographical reach or product flexibility.
Overall, this partnership positions PCS, AIG and Ryan Specialty to address evolving market needs more effectively, potentially leading to increased customer satisfaction and retention in a highly competitive segment.
This partnership between Private Client Select (PCS) and Ryan Specialty is a strategic maneuver that could significantly alter the competitive landscape in the high and ultra-high-net-worth (UHNW) insurance market. The exclusive nature of this distribution agreement gives PCS a distinct advantage in accessing Ryan Specialty's extensive network of retail brokers.
The UHNW insurance market has been growing steadily, with some estimates suggesting it could reach
The focus on Excess and Surplus (E&S) lines is particularly noteworthy. The E&S market has been outpacing the growth of the overall property and casualty insurance market. In 2021, E&S direct premiums written grew by
The creation of Marbleshore Specialty as a dedicated E&S company for the UHNW segment is a strategic differentiator. It provides AIG with the flexibility to offer tailored solutions across all states, potentially giving them an edge over competitors with more geographical reach or product offerings.
This partnership could potentially reshape market dynamics, forcing competitors to reevaluate their strategies in the UHNW segment. It's a move that combines PCS's underwriting expertise with Ryan Specialty's distribution prowess, creating a formidable force in the high-end insurance market.
Partnership Expands Private Client Select’s (PCS) Access to the High and Ultra High-Net-Worth Markets in the
This exclusive distribution partnership with Ryan Specialty enables PCS to expedite growth and provide a broad range of solutions by mobilizing Ryan Specialty’s large distribution network of brokers to respond to the needs of clients with clear guidance on the risk profile.
AIG will continue to provide capacity through its various insurance companies and delegate underwriting authority and guidelines to PCS. Additionally, AIG will allocate more Excess and Surplus Lines (E&S) aggregate capacity to meet the needs of brokers, agents, and clients. AIG will also provide exclusive E&S paper in all 50 states through Marbleshore Specialty Insurance Company, subject to regulatory approval.
“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,” said 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.”
“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, AIG. “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.”
Pat Ryan, Founder, Chairman and CEO of Ryan Specialty said, “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.”
About Private Client Select Insurance Services
Private Client Select Insurance Services LLC (PCS) is a leading independent Managing General Underwriter that is majority owned by American International Group, Inc. (NYSE: AIG) and Stone Point Capital LLC that serves the High and Ultra-High-Net-Worth markets in
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Media Contact for Private Client Select:
Katie.Spring@edelmansmithfield.com
Source: Private Client Select Insurance Services LLC
FAQ
What is the new partnership between Private Client Select (PCS) and Ryan Specialty for AIG?
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What is Marbleshore Specialty Insurance Company and how does it relate to AIG's partnership with Ryan Specialty?
How does the partnership between PCS and Ryan Specialty benefit AIG's high-net-worth insurance business?
