AEGIS London is to pilot a new fine art and jewellery product in Australia, to be distributed via its OPAL online quote-and-bind platform.
The product, led by AEGIS London’s class underwriter for specie Ian Seakens, will be available initially through Western Australia-based Quantum Underwriting Agencies.
If the product proves successful, it will be rolled out more widely in other territories.
The product is designed to offer cover for jewellery and fine art assets that either do not fit within a conventional household policy, or where the owner prefers to have a bespoke specialist policy. This will include assets bought as an investment as part of a private individual’s pension fund. Australian legislation allows private individuals to invest in collectibles including gold, jewellery and art as part of their pension funds but stipulates that the items must be insured.
Ian Seakens said that “Australia can be a challenging market for Lloyd’s syndicates because of the relatively strong local markets but our OPAL platform gives us ready access to distribution there and allows us to accept risks that might not be appealing if written in the old-school style because of cost. OPAL allows us to operate on an equal footing with domestic markets and in fact provides a faster turnaround time for quotations than conventional broker/underwriter communications. We are able to test the viability of products and quickly scale them up if demand and results are positive. Over the years we’ve developed a strong partnership with Quantum Underwriting Agencies, a leader in the Australian market in the Specie space, and are keen to see how the market responds to this product.”