Altus Partners, an American fee-based property and casualty insurance brokerage firm, has launched two new risk management divisions, namely Altus Corporate Risk and Altus Private Risk.
Altus Partners said that the move to form the new risk management divisions affirms its commitment to transform the insurance industry via a client-first approach predicated on insight and advocacy instead of a compensation opportunity.
Altus Partners president Charlie Wilmerding said: “This change is just another step towards our longstanding goal of giving clients the power of objectivity by completely eliminating commission from the insurance industry and the inherent conflicts that come with it.
“Operating through our new divisions allows us to focus specific resources on the two distinct dimensions of our business and to provide clarity in the marketplace as to the services we provide and how we get paid.”
Altus Corporate Risk will be a 100% fee-based insurance brokerage firm that will offer a range of risk management services for all corporations across the US and around the globe.
Altus Private Risk, on the other hand, will offer risk management and insurance brokerage services to individuals as well as families. This new division will continue to take commission on the insurance it places on behalf of its customers.
Wilmerding said: “Our operating names have changed slightly in order to clarify for our clients the services we offer and how we get paid.
“Other than that, nothing has changed in that we remain steadfast in our commitment to provide you with objective and insightful advice as we deliver the most cost-effective risk management and insurance solutions available in the market.”
Founded in 1997, Altus Partners has been engaged in providing property/casualty insurance services to individuals, families, and corporations in the US and across the world.
The company claims that it is committed to offer its clients the power of objectivity by removing commission and the conflicts that arise with it wherever possible.
It further claims that its fee-based model enables it to study clients’ requirements and policy offerings with an objective approach. The company manages over $700bn of its clients’ insurable assets in the US and in 65 countries.