In an ongoing effort to consolidate its resources and improve efficiency,
Nationwide Mutual Insurance Co. has rebranded its subsidiary focused on servicing high net worth clients.
The quickly growing, Scottsdale-based Crestbrook Insurance subsidiary will now be known as Nationwide Private Client. Its services will remain the same, including the provision of home, auto, personal excess liability and personal collections insurance for wealthy customers in 16 states.
Headquarters will remain in Scottsdale.
“We have always benefited from the financial strength and stability of being part of the Nationwide family,” said Crestbrook Insurance President Jim Pedersen. “Now our name better reflects that relationship.”
Pedersen stressed that the company’s “client commitment is unchanged” and the name change will in no way affect its relationships with customers or agents working with the company.
“We are committed to building lasting partnerships with our agents by providing a limited distribution model centered around profitable growth opportunities, high franchise value and a real-time policy rate, quote and issuance platform,” he said.
Nationwide acquired Crestbrook in 1999 for $272 million, and the company has generated positive net income each year since. Last year, Crestbrook boasted a $3.5 million profit thanks to the work of its appointed independent agents.
The move comes amid several similar decisions from Nationwide, as it continues to build tighter associations with its subsidiaries. Last year, the company unveiled its plans to overhaul its corporate structure in order to leverage its well-known branding.
No financial details related to the name change were disclosed.
