Liberty’s French operation to add specie and to increase headcount

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, is to add four new lines of business, including fine art & specie, to its product roster. It will also increase the size of the French team. Speaking at the AMRAE risk managers’ conference in Marseille, France, Kadidja Sinz, LSM’s Head of Continental Europe, confirmed that…

New fine art & specie underwriter at XL Catlin

XL Catlin has named Farzina Coladon as Underwriter, Fine Art and Specie (FAS) in Canada. She will be responsible for underwriting fine art, jewellers block and general specie insurance across Canada. Based in Toronto, Coladon joined XL Catlin on November 6th. Nick Greggains, CEO and country manager for XL Catlin, Canada, said: “Farzina’s appointment further…

Cash payment of wages incurs unnecessarily high costs

Shipping companies are paying out unnecessary high costs by continuing to pay seafarers with cash, claimed financial services provider ShipMoney at the ACI HR and Crew Management Summit in London. EVP Greg O’Connell said that an average fleet of 50 ships would see shipping operators spending nearly $500,000 in delivering cash to vessels, as the…

Liberty appoints Paul Seip to launch fine art and specie in the Netherlands

Liberty Specialty Markets (LSM), a part of Liberty Mutual Insurance Group, is to begin underwriting Fine Art and Specie in the Netherlands with the appointment of Paul Seip as Senior Underwriter – Fine Art & Specie. Based in LSM’s office in The Hague, Sep will report to David Saillen, Head of Fine Arts & Specie…

Freeports, specie, and hubs of culture: unique and concentrated risks

Over the past 30 years, the use of freeports has significantly increased, with dozens of sites available for storage of paintings, sculptures, antiquities, and other precious and valuable items, writes Bryant Reyes, Senior Analyst, Risk Management CL Solutions, in the June edition of IUMI Eye from the International Union of Marine Insurance. He noted that…

Apollo cautious on cargo renewal, expanding in marine hull

Lloyd’s insurer Apollo, manager of syndicate 1969, said in its annual report for 2016 that it had renewed its energy portfolio and the specie and cargo classes “cautiously” for 2017, “given challenging market conditions”. However, it also noted in the report that for 2017 it plans to build a presence as a lead market in…

New Fine Art and Specie Consortium at Standard Syndicate

Specie Consortium 9654, set up by The Standard Syndicate, was launched on January 1st 2017, led by Standard Syndicate’s Fine Art and Specie Class Underwriter, Joshila Tailor. The consortium has joint capacity of $65m to support the personal and corporate fine art and specie underwriting needs of members of The Standard Club. The consortium is…

JLT Specialty USA recruits Paul Cohen for Specie

JLT Specialty USA has recruited Paul Cohen as Senior Vice President for its Fine Art, Jewellery and Specie practice. Cohen has more than 20 years’ experience in providing Specie insurance services for the diamond, jewellery and watch industries. Cohen joins from Willis Towers Watson, where he managed the California Fine Art, Jewellery & Specie team,…

XL Catlin enhances Mosaic

XL Catlin has broadened the cover offered in Mosaic, its offering for collectors, arts and jewellery professionals. Mosaic, which is available in France, Italy, Belgium, Switzerland and Spain, now includes business interruption and public liability. Mosaic is designed to address the risks faced by collectors, museums, art galleries, jewellers and watchmakers. A single policy uses…

Brit launches diamond processing consortium

Specialty insurer Brit is to lead a new Lloyd’s consortium for diamond processing that will add up to $50m of capacity to the London market. It is Lloyd’s first syndicate dedicated to diamond processing. Brit said it would take advantage of recent improvements in diamond cutting technology and risk assessment techniques. Craig Dennis, Fine Art…