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 supported by XLCatlin, Antares, AWH, Amtrust and Newline. In addition to the $65m capacity for members of The Standard Club, it can also deploy $25m for non-members. Average line sizes for this line of business in Lloyd’s range from $30m to $40m, said Standard. XLCatlin is a claims agreement party with whom Standard cooperates on all claims. “Its long-standing expertise and dedicated specie claims resources ideally complement our claims service proposition”, Ms Taylor said.
Specie Consortium 9654 is fundamentally designed to assist the business of Standard Club members’ business. By pooling capacity with other supporting
markets, Standard Club said that it could streamline the underwriting process “by deploying one single consortium stamp and provide a one-stop-shop solution for fine art and specie insurance needs”.
The Fine Art and Specie class covers personal assets (such as fine art collections, art on board yachts, classic cars, jewellery and watches, musical instruments, stamps, coins, books and manuscripts, furs or wines), corporate collections (fine art, models, equipment of historical significance, sculptures or rare books and archives) and specie interests (such as mining risks, including precious metals and stones, precious metal refiners, bullion, monies on board vessels or the contents of safe deposit boxes).
The Club noted that, historically, the size of individual Lloyd’s syndicates had limited their ability to offer credible lead capacity for the largest risks, and that Specie Consortium 9654 resolved this issue.
“Through our consortium, we are empowering our brokers to offer insurance that is more competitive than what our assureds may be able to obtain in their local markets, backed by Lloyd’s unrivalled intellectual capital and underwriting expertise”, said Taylor. http://www.standard-club.com/media/2533601/standard-bulletin-march-2017.pdf