Hiscox, the Bermuda-based Group that specializes in fine arts coverage in the US and the UK, “announced the acquisition of the renewal rights of Eriks Assuradeuren, a Dutch insurer specializing in commercial fine art.
“Eriks Assuradeuren was founded in January 2003 and has since developed a strong reputation as a specialist in the fine art market,” said the bulletin. “In particular, it focuses on insurance for museum, gallery and company collections. Commercial fine art is becoming increasing popular in the Netherlands, with many companies investing in it.”
Hiscox indicated that following the acquisition it expects its “Art & Private Clients (APC) business in the Netherlands to grow by over 25 percent.” It also expects the deal to further strengthen its existing broker relationships by enabling it to offer a wider range of products.
Marc van der Veer, Hiscox Managing Director- Europe, commented: “The acquisition of Eriks Assuradeuren is a logical step for us. The Dutch fine art market is growing rapidly and the renewal rights from this respected business will add a commercial fine art book to our already flourishing private client business there.
“The deal supports our ambition to become a market leader in all areas of fine art and is in line with our ongoing European growth strategy. In other countries we have a long history of insuring museums, galleries and commercial collections, and hope to build a similar position in the Netherlands.”