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Markel Insurance boosts London Fine Art & Specie capacity to $250m
The capacity increase, placed through Lloyd’s of London, is intended to let Lloyd’s brokers access higher limits via a single placement as fine art and precious metals values rise.
Markel Group Inc.’s insurance operation, Markel Insurance, has increased its London Fine Art & Specie capacity from $100 million to $250 million through Lloyd’s of London, citing rising demand, Reinsurance News reports.
The insurer said the additional capacity is designed to give Lloyd’s brokers access to higher limits through a single placement, with the goal of creating a more streamlined trading experience to better meet clients’ evolving risk needs.
Markel also said the change is meant to support larger and more complex Fine Art & Specie risks without requiring additional market paper or alternative placement structures as values continue to rise across art, jewellery, collectables, and other high value assets.
Reinsurance News said Markel attributed the demand to clients seeking larger limits because of rising valuations of fine art collections, significant increases in precious metals values, and greater concentrations of high value assets, while brokers are also seeking larger placements to reflect the growing risks.