A new trade association, the Council for InsuringPrivate Clients (CIPC), has been formed to develop best practicesfor providing insurance solutions to the High-Net-Worth (HNW)demographic, says Richard Kerr, CEO of MarketScout—the Dallas-basedelectronic insurance exchange that is a CIPC founding partner anddeveloper. 

Ace, AIG, Fireman's Fund and Lloyd's are also partners; intotal, a dozen of the largest HNW personal-insurance firms are onboard, Kerr notes.

The CIPC is in its infancy, but it already has an annualconference scheduled for April 2013 in Grapevine, Texas—completewith networking opportunities with professional-sports andentertainment agents as well as wealth managers. 

To signify that a person has the specific training to serve theHNW niche, the trade group is rolling out a newdesignation: the Certified Personal Risk Manager (CPRM), accreditedwith every state board of insurance. 

Kerr adds that independent agents' interest in serving HNWclients is at an all-time high. 

One carrier executive agrees: “There have never been more [HNW]agents,” says Jerry Hourihan, senior vice presidentof AIG's Private Client Group. Hourihan notesthat part of this growth is driven by “enormous demand [among thewealthy] for personal risk management.” 

HNW carriers are responding to these trends by adding morecoverages—and more conveniences for producers. For instance,Privilege Underwriters Reciprocal Exchange (PURE) recently upgradedits online quoting and policy-issuance system toallow agents to quote Watercraft insurance policies.