ITOO, a specialist in niche and special risks insurance, and Artinsure, an underwriting manager focused on insuring art and collectables, have until now both resided in Hollard Insure, Hollard’s short-term insurance arm.
“We started Artinsure just 10 years ago when [ITOO chairman] Paolo Cavalieri was still CEO of Hollard,” says Gordon Massie, managing director of Artinsure. “During that time we have developed a strong relationship with Hollard and the companies in its stable.
“Bringing Artinsure under the ITOO umbrella will work really well for both companies. We will benefit from the association with a brand that has become known as a strong provider of specialist insurance. We will also be able to leverage cross-selling opportunities more readily.”
Cavalieri agrees – and adds that ITOO’s people share a love of collecting beautiful and valuable things.
“It’s a perfect fit,” he says. “ITOO is all about focused niche underwriting. Plus we’re really passionate about art, and each of us is a collector in our own right.”
Massie continues that the art world is truly global and active, and collectables continue to emerge as an important asset class that provides diversity and excellent returns. Both ITOO and Artinsure are aiming to expand their presence internationally.
He points out that the business is not just about art, but about anything precious and collectable.
“We understand this business really well and are equipped with a comprehensive network of experts to ensure we manage claims on these appreciating assets appropriately,” he says.
“We insure a range of things against accidental damage, theft and transit risks – including memorabilia, gold, photographic equipment, antiques, stamp collections and a whole lot more.
“We also insure the dealers, galleries, and museums that house collections for all to appreciate and specialist storage locations. We understand these businesses well and we have solid relationships with the people who run them.”
And, Massie says, Artinsure’s horizons are expanding, with plans to add a range of new products to its already impressive line-up. These include a specie product, which provides insurance on the storage and movement of high-value metals and minerals across Africa, a Film Producers' Indemnity product that supports ITOO’s existing film completion guarantee offering, and another that caters to the classic car market.
“We’re not talking high-performance cars here, but rather the classics that only get taken out and enjoyed on special occasions,” comments Massie.
Warwick Goldie, head of Specialist and General Liabilities at ITOO, says: “We are extremely excited at having ArtInsure in the ITOO family. We feel there are great synergies between our products and between our brokers. We see great potential for embedding our liability products into the ArtInsure covers, plus cross-selling and offering additional products to our mutual brokers.
“Furthermore, we believe that the people (our major asset) within ArtInsure and ITOO share common values and goals that will take the ITOO Group to the forefront of our industry.”
Cavalieri concludes: “We’re excited that we’ve been able to add such an interesting and successful specialist UMA to the ITOO stable. Over time we will keep adding to the ITOO Special Risks product range through partnerships such as the one with Artinsure, where we share similar focus, expansion and diversification plans.
“This really is a match made in heaven.”
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