Gallagher, an international insurance brokerage, risk management and advisory firm, has launched a new multi-person self-insured policy targeting high-net-worth individuals in the United States.
The company said the launch broadens its U.S. private client proposition, offering eligible clients an alternative insurance structure with greater flexibility, greater control and expanded product choices.
Gallagher said the new Private Client Signature Captive policy allows participants to insure residential property, household contents and valuable property through AM Best A++ (Superior) rated insurers. The arrangement was developed in partnership with Artex, Gallagher’s wholly-owned alternative risk and capital business.
Gallagher said captive insurance companies allow participating members to collectively insure their assets while sharing in the plan’s financial performance when claims experience is good. The company said the approach applies risk financing models commonly used in commercial insurance to the personal insurance market for high-net-worth clients.
“Gallagher Private Client is proud to launch a new market solution that brings proven commercial risk financing strategies to the personal insurance space in a meaningful way,” commented Laila Brabander, President of Gallagher Private Client. “Private Client Signature Captive creates a new category for our industry, providing clients with greater transparency and the opportunity to financially benefit from robust risk management.”
Frank McMackin, President of Artex North America, added: “Partnering with Gallagher Private Client allows us to offer a level of risk sophistication typically reserved for large firms. Private Client Signature Captive combines elite coverage with the financial efficiency of alternative risk structures, allowing individuals to collectively unlock greater control over their assets and returns.”
