In this episode of the Private Client Risk & Resilience podcast, host Kurt Thoennessen, a high net worth insurance specialist and CEO of RiskRevu, is joined by Ron Fiamma, President of Treadwell Fine Art, an insurance carrier specializing in high value fine art and collectibles insurance. The discussion dives deep into the world of high net worth insurance, exploring the risks, challenges, and opportunities associated with protecting valuable collections.

Summary: The episode begins with Ron Fiamma sharing his unconventional journey into the insurance industry, starting from his early career on Wall Street to his eventual transition into fine art and high value collectibles insurance. He highlights his experiences at AIG Private Client Group and the entrepreneurial spirit that led him to co-found Treadwell. Throughout the conversation, Ron emphasizes the importance of understanding and managing the unique risks associated with high value collections, from fine art to couture and collector automobiles.

The discussion covers a range of topics, including the critical role of proactive risk management, the challenges of aggregation in high-risk areas, and the development of specialized insurance products to meet the needs of affluent clients. Ron also shares insights into the vetting process for vendors and the importance of maintaining up-to-date inventory systems for valuable collections.

Highlights:

1. Ron Fiamma's Career Journey:
   • Started on Wall Street and transitioned to insurance.
   • Played a key role in AIG's Private Client Group and later founded Treadwell.
   • Emphasized the entrepreneurial spirit driving his career decisions.
2. Proactive Risk Management:
   • Importance of detailed information for underwriting high value collections.
   • Training brokers to gather comprehensive data about clients' collections.
   • Emphasizing the need for up-to-date inventory systems for clients.
3. Aggregation Challenges:
   • Impact of high-value aggregations in areas like South Florida and California.
   • Issues arising from clients' growing collections and increasing asset values.
   • Strategies to manage and mitigate aggregation risks in high-net-worth insurance.
4. Development of Specialized Products:
   • Launch of couture insurance for high-value fashion collections.
   • On-track motorsports insurance for clients with valuable car collections.
   • Importance of creativity and flexibility in developing new insurance products.
5. Vendor Vetting and Client Support:
   • Rigorous vetting process for vendors to ensure high standards.
   • Providing clients with trusted referrals for various services.
   • Importance of helping clients protect their valuable assets through expert advice.

Conclusion: Ron Fiamma's extensive experience and insights into the high-net-worth insurance space provided a wealth of knowledge for listeners. His emphasis on proactive risk management, innovative product development, and the importance of client relationships highlighted the complexities and opportunities within this niche market.

Thank You and Resources: A heartfelt thank you to Ron Fiamma for sharing his expertise and experiences. For more information about Treadwell Fine Art, visit Treadwell.co. Additional resources and vendor recommendations can be obtained by reaching out to Ron directly at [email protected].

Thank you for listening, and stay tuned for future episodes exploring new and innovative approaches to risk management for high-net-worth clients.