American investment bank Morgan Stanley has expanded its offering for HNW clients and their families by providing property & casualty (P&C) insurance.
The new proposition is designed to reduce potential risks related to property loss and general liability.
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It is the result of the bank’s tie-up with insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson.
Morgan Stanley said that these firms will enable Morgan Stanley customers to evaluate their risk exposures and protect their assets.
The bank has already been offering life insurance, long-term care insurance and disability insurance through its Wealth Management Investment Solutions Insured Solutions business.
Customers of the bank can now also avail personal and commercial insurance lines including Inland Marine, Watercrafts, Umbrella/Excess Liability, Aviation, Flood and Cybersecurity, General & Professional Liability, and, Crime.
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By GlobalDataMorgan Stanley Wealth Management Investment Solutions head of Insured Solutions 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.”
Morgan Stanley Wealth Management offers brokerage and investment advisory services, financial and wealth planning, cash management, insurance, retirement and trust services, among others.
In Q2 2020, the bank’s Wealth Management unit reported net revenues of $4.68bn. This was a 6% rise from $4.41bn in the previous year.
