Nationwide to retire its Private Client brand
Nationwide has recently sent out an update to partners about its decision to limit its HNW appetite and eventually retire the Private Client brand.
“After a strategic review of our portfolio, we have decided to narrow our Private Client business by focusing on the mass affluent portion of the business. More complex risks that require specialized products and services, fitting within a more traditional private client offering, will be beyond our go-forward risk appetite.
We anticipate limiting our new Private Client appetite to mass affluent risks over the next several weeks and will begin non-renewals for business that does not align with our mass affluent appetite in 2024. In late 2024, we anticipate beginning to migrate all Personal Lines business to a single operating model and platform. At the end of this transition, the Nationwide Private Client brand will be retired and our standard and mass affluent products will be offered under Nationwide Personal Lines.
This decision does not impact our standard personal lines business, small commercial, middle market, farm/agribusiness, E&S/S or Nationwide Pet policies or any of our Nationwide Financial businesses. Within Nationwide personal lines, we remain committed to partnering with agencies to extend strong multi-line protection in the standard and mass affluent marketplace for the long-term.
We recognize this decision impacts you, and we commit to keeping you informed as we move through this transition. More information about our go-forward appetite will follow in the coming weeks.”
In June, the insurer announced specific business actions to mitigate risk and manage the personal and commercial lines portfolios in the current environment.