XL Insurance targets US fine art and specie market

XL Insurance is opening a New York office in an attempt to break into the US fine art and specie market.

XL Insurance's manager of fine art and specie operations in the US, Joe Dowd, is writing business from the company's Park Avenue offices as part of the global fine art and specie practice. The team is writing jewellers' block, fine art, general specie and selected cash in transit business.

XL Insurance's head of art and specie in London Neil Robertson said: "The US contributes a sizeable percentage of the world's fine art and specie income, with the greatest concentration being in New York.

"We now have the infrastructure to expand into this market and we can offer both domestic admitted paper and surplus lines, via XL London Market at Lloyd's.

"The introduction of the New York office will benefit our clients, allowing us to co-ordinate risk evaluation, policy distribution, claims servicing and overall customer service through an on-site US resource."

Underwriting at the New York office has already begun, the company said. An official launch is scheduled to take place at Christies in early February.