Markel Insurance, the insurance operation within Markel Group Inc., has raised its London Fine Art & Specie capacity from USD 100 million to USD 250 million through Lloyd’s of London to accommodate rising demand.
The insurer explained that this increased capacity aims to give Lloyd’s brokers access to higher limits through a single placement.
Through this, it hopes to create a more streamlined trading experience and help them respond more efficiently to their clients’ evolving risk needs.
The move also strengthens Markel’s ability to support larger and more complex Fine Art & Specie risks.
Markel aims to enable clients to access broader protection without relying on additional market paper or alternative placement structures as values continue to rise across many categories of art, jewellery, collectables and other high-value assets.
Danny O’Donoghue, Head of Fine Art & Specie, Markel International, commented, “Clients are increasingly requiring larger limits due to rising valuations of fine art collections, significant increases in precious metals values and greater concentrations of high-value assets. Similarly, brokers are seeking larger placements to reflect these growing risks.”
He continued, “Markel has always been able to accommodate large risks on company paper, but aligning capacity on our Lloyd’s stamp makes it easier for key partners to trade with us.
“Furthermore, increasing the line size will help ensure coverage limits keep pace with evolving client needs and market conditions, while providing brokers with more coordinated access to Markel’s bespoke solutions and reinforcing our long-term commitment to the Lloyd’s market as a leading Fine Art & Specie insurer.”
