BBVA Patrimonios and Willis sign an exclusive policy distribution agreement for high-net-worth customers
21 September 2006
- Customers can insure their entire assets via a single policy
- The policies provide a wide range of cover: household, civil liability, works of art, private yachts, hunting, etc.
- This is a new line of personal insurance for high-net-worth individuals, covering civil liability at home and works of art up to €3m
BBVA Patrimonios (a unit specialising in asset management) and Willis (the world’s third-largest insurance broker) have reached an agreement regarding distribution of an exclusive line of insurance policies for BBVA’s private banking customers. “The new initiative represents a considerable advance in our ability to offer private-banking customers personalised solutions. It is a qualitative improvement compared to standard products”, said Eduardo de Fuentes, BBVA Patrimonios’ manager for Spain and Portugal.
“Our marketing strategy is totally aligned with the requirements of our customers. Our Family-focus Office is working on solutions that go beyond conventional private banking products. We lead the way in providing our customers with truly innovative services and investment vehicles”, he said.
Antón Serrats, vice president and managing director of Willis Iberia, said his organisation has an international division known as Market Security in which more than 30 experts conduct studies and provide guidance on the capital adequacy and reliability of the insurance and reassurance companies and agencies that cover customer risks. “They back their decisions, selecting companies with good annual results and ratings from Standard & Poor’s, Moody’s and AM Best”.
Mr Serrats added, “This agreement demonstrates the growing need of the insurance sector to specialise in products that provide overall coverage of high-value items. This line of exclusive policies is specially designed to cover the needs of BBVA Patrimonios’ customers via leading and reliable insurance companies”.
Policies that meet the needs of high-net-worth customers
The exclusive line of policies launched by BBVA and Willis targets high-net-worth customers with extensive coverage requirements that only a customised range of products can satisfy. Therefore, they include the following:
- Multi-risk household and works of art policies covering the following items worldwide, inside or outside the dwelling, with different all-risk options: building, contents, works of art, jewellery. No limits on compensation in the event of aesthetic or electric damage and civil liability cover of more than €2m (higher than the usual policies).
- Insurance cover for personal boats and yachts: the limit on civil liability exceeds €1m. It covers breakdown of machinery, accidents, use of auxiliary speedboats, personal effects, shipwreck and water-skiing. Beneficiaries of this policy can access maritime help and will be protected by the most comprehensive international clauses (Institute Yacht Clauses).
- Hunters’ civil liability: this covers Europe and includes hunting and fishing accidents, travel insurance, death of pets and firearm indemnity.
Willis
The Willis Group is the leader of the insurance brokerage and consulting, reassurance and risk management sector. It was chosen European broker of the year in 2004 and 2005 and received the Reactions Award for best insurance broker. With more than 170 years of experience, Willis is one of the top three brokers in the world. There are 15,800 employees serving more than 60,000 customers through a network of 324 offices in 210 countries.
Its international experience and ability to adapt to local markets means that Willis has one of the most complete product ranges in the market. And this applies to private individuals as well as companies around the world.
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