Insurer finds valuable new niche

An international insurer has launched a local marine unit, with an eye on fine art and high-value cargo.

Ironshore Australia’s new marine operation will focus on fine art, specie and cargo insurance with the unit.

As well as covering fine art and valuables collections for private owners, museums and galleries, the unit will also underwrite specie policies in the mining, energy and infrastructure sectors, including precious metals transit, as well as bespoke cargo placements.

Coverage for up to $40 million will be available.

Senior underwriter Ian Rouse will lead the unit, along with new addition Caroline Jones as underwriter. Jones was previously a Fine Art and Specie Underwriter with Pembroke Managing Agency in London.

“Fine art, mining-related specie and project cargo insurance have emerged as growth opportunities within the region with companies and their brokers increasingly seeking highly tailored coverage solutions from the Australian marketplace,” Rouse says.

“Caroline’s Lloyd’s of London experience further bolsters Ironshore Australia’s depth of expertise in these highly technical lines of business.”