In partnership with WA-based Quantum Underwriting Agencies, AEGIS London will pilot the launch of a fine art and jewellery insurance product in Australia, led by its class underwriter for specie Ian Seakens (pictured).
The product, which will be distributed via AEGIS London’s OPAL online quote-and-bind platform, was designed to provide coverage for jewellery and fine art assets – including those that were bought as an investment as part of a private individual’s pension plan.
If the product proves successful, it will be rolled out more widely in other territories.
“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,” Seakens said.
“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.”
