Fine Arts Consortium Increases Capacity for 2012

January 24, 2012

Ironshore’s Pembroke Consortium has increased capacity to $116 million for 2012 to meet new demand, an expansion over the $105 million it offered in 2011. The increase in capacity comes as the organization closes its first year offering specialty fine arts and specie coverages for high-value cargo lines.

The Pembroke Consortium is led by the Lloyd’s Pembroke Syndicate 4000 and is comprised of nine Lloyd’s syndicates.

“Pembroke recognizes that the vast majority of global fine art and high value cargo lines is underwritten in the Lloyd’s market, where there is proven expertise in this specialty class of business,” said Richard Northcott, director of High Value Cargo at Pembroke. “Given the demand and success of this facility in our first year, we are now increasing capacity limits to meet heightened client demand worldwide.”

Pembroke serves as the single lead underwriter deploying capacity from the participating syndicate, as the facility underwrites high-value art, including private collections, museums and exhibitions. Coverage can be purchased on either a subscription or 100 percent basis.

The organization also provides coverage for private jewelry collections, classic automobiles and general specie such as vaults, precious metals refiners/miners, safety deposit boxes and valuable paper business.

The London-based Pembroke Managing Agency Ltd. is a Lloyd’s managing agent established to manage Syndicate 4000. The company underwrites specialty insurance products in five distinct markets, with dedicated capacity for high-value cargo lines within its marine unit.

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