NFP and Vault Partner to Launch Exclusive Group Excess Liability Insurance Program
High net worth insurance leaders collaborate to provide highly specialized benefits to successful individuals through employers and wealth management advisors
NEW YORK, June 7, 2021 /PRNewswire-PRWeb/ -- NFP, a leading insurance broker and consultant providing specialized property and casualty (P&C), corporate benefits, retirement, and individual solutions, and Vault, a fast-growing provider of personal insurance for successful individuals and families today announced the launch of the NFP/Vault Group Excess Program. NFP's Private Client Group (PCG) will be the exclusive agent of this program, offering Vault's personal excess liability insurance product to groups of high net worth (HNW) individuals through wealth management advisors, employee benefit brokers, law firms and other trusted advisors, and directly to employer groups.
The NFP/Vault Group Excess Program gives select, qualifying employers and wealth management organizations a new opportunity to expand their scope of benefits and offerings and extend to their HNW executives and clients a product designed to meet their unique needs. The insurance product factors in the group's common risk factors and offers competitive pricing at a group level. The NFP/Vault Group Excess Program is fully administered by PCG via a secure website for each individual group and group participant. Customers will access the program via a seamless and automated experience including a digital enrollment and payment experience unique to this program.
The HNW insurance market is substantial and growing fast. There are an estimated 12 million HNW households in the U.S., and direct premiums written by HNW-focused carriers have increased by ~4% per annum from 2017-19, according to LEK Consulting. With this new program, Vault and NFP seek to meet the dynamic needs of this growing market by providing differentiated solutions through relationships they already trust. Clients can more easily address key insurance needs through channels that are familiar and trusted.
PCG is the program administrator, manager and managing general underwriter (MGU), and Vault's E&S Insurance Company is the carrier managing the coverage and claims. Per occurrence, coverage for group personal excess liability insurance is sold in $5 million dollar limit increments up to $30 million. Coverage highlights include uninsured/underinsured motorist coverage; uninsured/underinsured 3rd party liability coverage; legal defense costs and choice of counsel; personal attorney funds, and employment practices liability coverage.
"Partnering with NFP on our new group excess program was a natural choice," said Charles Williamson, co-founder and CEO of Vault. "NFP has a stellar reputation and vast experience in this niche offering that blends personal insurance with an entire suite of products and services for companies of all sizes. I look forward to helping more employers and wealth managers give their executives and clients this highly specialized benefit, and in turn, greater financial security and peace of mind."
"The NFP/Vault Group Excess Program brings together two leading insurance brands who uniquely understand the fast-changing needs of the high net worth individual, their employers and trusted advisors," said Gilbert Lai, managing director of NFP's Private Client Group. "We're looking forward to expanding our partnership with Vault through this exciting new program and delivering more value to our clients."
About NFP
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 6,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best's Review).
Visit NFP.com to discover how NFP empowers clients to meet their goals.
About Vault
Vault is the new standard in personal insurance for successful individuals and families, committed to delivering an unrivaled customer experience where every detail and every interaction is thoughtful and unique. Vault's proactive approach builds stronger relationships, allowing customers the luxury of feeling taken care of before a claim ever happens. The tenacity of a startup backed by top investment firms and led by industry veterans — Vault is quite simply a better way to think about insurance. Visit http://www.vault.insurance to learn more.
Media Contact
Kelly Jones, NFP Insurance, 512-697-6273, [email protected]
SOURCE NFP Insurance
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