“We reached out to major high net worth insurance companies” to gauge interest in forming such a coalition, says Kerr. AIG, Fireman's Fund and Ace jumped on board, along with firms from the nonadmitted side: Lloyd's of London, Ironshore and Lexington. MarketScout manages the council.

Private-client insurance has evolved into a segment of its own within the last three to four years, says Kerr, with Chubb, AIG, Fireman's Fund and Ace Group leading the charge.

The need for HNW insurance experts has always been there, “But there just hasn't been the focus on it that there is now,” he stresses. A decade ago, only a handful of carriers specialized in this area. “Now, it is very much a boutique industry.”

There's been an increasing focus among personal-lines brokers to develop more top talent within the HNW arena because dealing with wealthy clients requires such a unique skill set, says AIG's Hourihan. And since more producers than ever are looking to do business in this sector, it's critical that the ones who do get together to network and share their experiences.

“If you don't have an expert broker or agent in this area it's very difficult to get the solutions you need,” says Hourihan. “Finding a high quality, high net worth agent who acts as your personal risk manager is Step No. 1 in this space.”

Ace's Spencer says the council was created “altruistically” to raise awareness of the HNW niche market within the insurance industry.

“It's a symposium of thought leadership for independent agents and vendors to heighten their awareness of service products available to high net worth people,” he says. So far, the members of the CIPC have been “working together beautifully,” he adds.

Agent panel discussions during April's CIPC conference showed producers from different carriers collaborating on presentation, “for the greater good,” says Kerr. “What everyone is trying to do is provide information that will help us all do a better job for the consumer: the buyer.”

That cooperation has helped the CIPC maintain a high adoption rate among insurers. Nearly three-quarters of the top 20 HNW retail agencies in the country have joined, Kerr says, with its membership writing some $2.5 billion in premium.

The encouraging membership rate bodes well for the private- client niche market, says Eric Shanks, senior vice president and chief underwriting officer of High Net Worth Personal Insurance for Fireman's Fund.

“We definitely see an investment in the broker and agent community in the high net worth market, especially the producer and provider end,” he adds.

Spencer concurs, adding that the private-client niche longs for educational development as well. “Custom-crafting programs for high net worth individuals and families is a unique skill,” he says.

To that end, the CIPC is offering a Certified Personal Risk Management (CPRM) certification. The course will launch this fall, with insurance primers on Kidnap & Ransom, Yachts, Wealth Management, and the psychology of dealing with seriously wealthy clients.

In its short time, the council has already become a way for members to share their own experiences with differing state regulations when dealing with the impact of natural catastrophes, he adds. A member in California, for example, may help a Louisiana member with information on dealing with the affects of earthquakes and wildfires, and that agent might return the favor with insight on windstorms and flooding.

Such information is particularly valuable for producers serving HNW clients who more than likely own several homes in different parts of the country.

“It's turned out to be a phenomenal thing,” says Kerr, who looks forward to further sharing of information among producers and carriers servicing this growing niche.