Navigating the High-Net-Worth Insurance Landscape: Brown & Riding's New Practice

In a landscape where wealth is rapidly accumulating, the insurance industry faces a paradoxical challenge. The recent launch of Brown & Riding's national private client practice aims to bridge the gap between the surging demand for high-net-worth (HNW) insurance solutions and the simultaneous retreat of admitted carriers from this vital segment. With over 440,000 new millionaires minted in the U.S. in 2025 alone, the timing could not be more crucial. This influx of wealth is concentrated in states like California, Florida, and Texas—regions where high-value personal lines coverage is becoming increasingly scarce. As affluent individuals navigate this changing terrain, Brown & Riding is poised to offer tailored solutions that meet their unique insurance needs.

The Growing Demand for HNW Insurance Solutions

According to the UBS Global Wealth Report 2026, the U.S. accounted for nearly half of all new millionaires worldwide in 2025, with a staggering rate of over 1,200 new millionaires created each day. This rapid growth in wealth has created a corresponding demand for specialized insurance products that can adequately protect high-value assets such as luxury homes, fine art, and collector vehicles. However, this surge in high-net-worth individuals comes at a time when many admitted carriers are retreating from the personal lines market, particularly in high-risk areas.

The Market Dynamics: A Double-Edged Sword

As affluent individuals seek to safeguard their assets, they face an increasingly challenging insurance landscape. The national personal lines surplus premiums reached $81 billion in 2024, reflecting a 12.1% increase as carriers pulled back from high-value risks. This trend is particularly pronounced in states with the highest concentrations of wealth. As a result, many newly affluent Americans remain unaware that their existing insurance programs may no longer suffice, creating a significant coverage gap.

Retail agents, often the first to identify these gaps, may lack the necessary wholesale market access to address them effectively. This is where Brown & Riding's new practice comes into play, providing retail agents with the expertise and market relationships needed to secure comprehensive coverage for their affluent clients.

Brown & Riding's Private Client Practice: A Game Changer

At the helm of this new initiative is Courtney Kerr, a seasoned expert with over 15 years of experience in high-net-worth and specialty personal lines insurance. Kerr's unique credentials as a Lloyd's tribunalized coverholder empower the practice to operate as a genuine wholesale underwriting operation, allowing for direct binding of coverage rather than routing every placement through an external underwriter. This capability is crucial for ensuring that complex high-value risks are managed efficiently.

Comprehensive Coverage Offerings

The insurance solutions provided by Brown & Riding's private client practice encompass a wide range of high-value assets:

• Primary, secondary, and vacation homes
• Fine art, jewelry, and collectibles
• Yachts and high-value collector vehicles
• Personal liability and excess flood insurance

Market research indicates that more than 75% of wealthy clients carry excess liability protection, and over 60% prefer multi-line bundled coverage across their assets. This preference underscores the need for a specialist partner capable of assembling multi-carrier solutions tailored to the unique risk profiles of affluent individuals.

Building Relationships: The Key to Success

Brown & Riding's approach is rooted in cultivating long-term partnerships rather than engaging in one-off transactions. Kerr emphasizes the importance of carefully selected carrier and market relationships, exclusive program access, and a collaborative underwriting style. This strategy not only enhances the practice's market positioning but also instills confidence in retail partners when presenting complex coverage solutions to their affluent clients.

As climate-driven losses and economic uncertainty prompt standard carriers to restrict or exit high-risk markets, the need for specialized services becomes even more pronounced. Retail agents managing affluent client relationships increasingly rely on Brown & Riding's expertise to navigate these complexities.

The Broader Implications for the Insurance Market

The U.S. high-net-worth insurance market is estimated to generate between $40 billion and $45 billion in annual premium, according to market research published in 2025. As the market continues to evolve, retail agents must adapt to the changing landscape by partnering with specialists like Brown & Riding that can offer comprehensive solutions designed for multi-faceted personal risk profiles.

Given the challenges posed by climate change and shifting economic conditions, the insurance needs of high-net-worth individuals are likely to become increasingly complex. Engaging with a dedicated practice that understands these dynamics can make all the difference in securing the right coverage.

Key Takeaways

• Brown & Riding has launched a national private client practice to cater to the growing demand for high-net-worth insurance solutions.
• The practice aims to bridge the gap created by the retreat of admitted carriers from high-value personal lines coverage.
• Specialized insurance offerings include coverage for luxury homes, fine art, and excess liability.
• Building long-term relationships with retail partners is central to the practice's strategy.
• The U.S. high-net-worth insurance market generates an estimated $40 billion to $45 billion in annual premium.

Frequently Asked Questions

What types of assets are typically covered under high-net-worth insurance policies?

High-net-worth insurance policies can cover a broad range of assets including primary and secondary homes, luxury vehicles, yachts, fine art, jewelry, and personal liability. The goal is to provide comprehensive protection tailored to the specific needs of affluent individuals, ensuring that all valuable assets are adequately insured against potential risks.

How does the retreat of admitted carriers affect high-net-worth individuals?

The retreat of admitted carriers from high-value personal lines means that affluent individuals may find it more challenging to secure adequate insurance coverage at competitive rates. This situation creates a coverage gap, as many high-net-worth individuals may not realize that their existing policies no longer meet their evolving needs, particularly in high-risk markets. As a result, they may be left vulnerable to significant financial losses.

Why is a collaborative underwriting style important in high-net-worth insurance?

A collaborative underwriting style is essential in high-net-worth insurance because it allows for a more tailored approach to coverage solutions. This style fosters open communication and partnership between the insurer and retail agents, enabling a better understanding of the client's unique risks and needs. By working collaboratively, underwriters can craft comprehensive policies that provide optimal protection for high-value assets.

How can retail agents benefit from partnering with specialist wholesale providers?

Retail agents can significantly benefit from partnering with specialist wholesale providers like Brown & Riding by gaining access to exclusive market relationships, specialized expertise, and the ability to assemble multi-carrier solutions. This partnership allows agents to offer their affluent clients tailored coverage options that address complex personal risk profiles, ultimately enhancing client satisfaction and retaining high-net-worth accounts.