Palm Beach, FL – March 11, 2014 – Private Risk Management Association (PRMA) today announced its formation as a non-profit, independent, member-owned organization committed to lifting the specialist high net worth (HNW) 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 ‘fellowship of the category’ – collaboration by member insurers, agents, and other specialists serving the niche – PRMA plans to:
- Provide independent education opportunities – free of biases which are naturally found in individual organizations – that allow members to better serve their HNW clients;
- Develop a professional certification program to differentiate individuals that have achieved an exceptional level of expertise;
- 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;
- Develop practice management solutions – built for specialists, by specialists – to help members run their businesses more efficiently and effectively; and,
- 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, PURE Group of Insurance Companies
Robert H. Courtemanche, Chairman, ACE Private Risk Services
James P. Kane, SVP, USI Personal Insurance
Lisa Lindsay, former President of Marsh Private Client Services
Susan Ogrodnik-Smith , Chief Sales Officer, Personal Insurance, Hub International
Gary J. Pasternack, Principal, Director of Insurance Advisory, Bessemer Trust
Nicki Colosi Trilling, Independent Insurance Consultant
About the Private Risk Management Association
The Private Risk Management Association (PRMA) is a member-owned independent non-profit association that is the recognized forum and voice of the high net worth private risk and insurance management niche. It provides specialized education and information and establishes standards and credentials while raising the awareness of and advocating for the niche and consumers served. Visit privateriskmanagement.org to learn more.
Interviews with PRMA’s Board of Trustees may be coordinated upon request.