As a staunch supporter of the independent agency channel and someone who is proud to serve the IIABA, I am inspired when I see agents and other professionals banding together to help one another become more successful. Recently, I had the opportunity to witness an extraordinary example of this while attending the inaugural PRMA Summit in Chicago.

The Private Risk Management Association (PRMA) is an independent, not-for-profit “community of collaboration” that is dedicated to growing the high-net-worth (aka, private client) personal risk management niche through education, awareness and advocacy. The group was started by veterans in the niche who recognized that a significant percentage of wealthy Americans do not have comprehensive risk management programs in place that reflect their unique needs and significant assets. Launched in March of this year, PRMA has already attracted nearly 350 members from across the United States, representing disciplines that include insurance (carriers & independent agents), wealth management, fine art appraisal & advisory, personal security, and various others.

Nearly 200 professionals from 28 states packed a ballroom at The Westin Magnificent Mile for the association’s first annual conference known as the PRMA Summit. Among them were 108 licensed agents and brokers, as well as 39 carrier representatives, including senior members of high-net-worth specialist insurers ACE Private Risk Services, PURE, Fireman’s Fund and AIG Private Client Group.