Morgan Stanley partnered with insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson to offer the comprehensive insurance solution for its clients
Morgan Stanley has launched Property & Casualty (P&C) insurance to serve its high net worth clients and their families in mitigating potential risks associated with property loss and general liability and to expand its range of insurance services.
Morgan Stanley had partnered with insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson to offer the P&C insurance service.
The insurance brokers will support the investment banking giant in assessing the risk exposure of its clients and provide solutions to help them protect their assets.
The new P&C insurance complements other insurance services offered by Morgan Stanley
The new insurance service complements Morgan Stanley’s suite of traditional insurance solutions such as life insurance, long-term care insurance and disability insurance that are available through its Wealth Management Investment Solutions Insured Solutions business.
The company said that the insurance products are sold in conjunction with its licensed insurance agency affiliates.
The brokerage companies are expected to leverage their relationships with the insurance companies to offer their services including continuous review of policies to ensure that the clients are insured and to offer the most appropriate policies for their needs.
The brokers will also alert the clients of situations such as hurricanes or wildfires, for which extra precautions have to be taken to protect the assets.
Other services include providing dedicated service teams and to have a streamlined approach to process insurance claims.
Morgan Stanley Wealth management investment solutions, insured solutions head Joseph Toledano said: “Our clients place a high priority on asset protection and by working with these industry-leading insurance brokers, Morgan Stanley can address their need for a comprehensive insurance strategy as part of their overall relationship.”
Furthermore, the bank’s clients will be provided access to personal and commercial insurance lines.
Under the personal lines, inland marine (i.e. fine art, jewellery), watercraft, umbrella/excess liability, aviation, flood and cybersecurity services will be offered.
Under the commercial lines, inland marine, general & professional liability, aviation, crime and umbrella/excess liability services will be offered.