Markel International announced from its London headquarters that it has acquired the portfolio of business of Quay Underwriting (QU), a managing agent based in Dorset.
Markel said QU “provides a wide range of insurance products for fine art and collectables, including bespoke products for niche businesses and unusual risks. The agreement builds on an existing and very successful relationship with Markel, which has underwritten QU’s entire book since the inception of the company, and it will strengthen Markel’s UK retail business.”
QU was formed in 2009 and employs three people in Bridport. Although founded recently, the company “draws on the underwriting experience of its owner, Richard Norman, who has worked with leading insurance brands for many years,” Markel noted.
Steve Carroll, head of Markel’s worldwide retail operations, commented: “We have a detailed understanding of QU’s products and have built a good rapport with the Bridport team over the last three years. Our aim is to launch fine art and collectables as a new niche product in the UK, with coverage provided through our network of offices. Gross written premium for QU in 2011 was approximately £1 million [$1.6 million], a figure that has significant potential for growth through our network.”
Norman expressed his delight that QU is joining Markel, adding that he envisions building “on what is already a very successful union.” He also indicated that “with Markel’s backing we will enjoy much greater penetration of the UK market and can further enhance our reputation as a specialist insurer in the fine art and collectables sector.”
Source: Markel International
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