View this article online: https://www.insurancejournal.com/news/national/2011/12/15/227559.htm
One of the country’s largest independent insurance brokerage firms has launched an art finance group to reflect the recognition of fine art and other collectibles as an alternative asset class.
The New York-based Frank Crystal & Co. will help manage risks associated with financial transactions where fine art and other collectibles are the underlying asset. The company will use the experience of its financial institutions and private client groups and offer private collectors and institutions access to the global art insurance market.
“More and more, sophisticated collectors, investors, and their advisors are recognizing that fine art – as well as collectibles like wine and jewelry – is an asset class, not just a passion,” said Jonathan H.F. Crystal, executive vice president and head of the private client services group. “In just this past year, we have provided risk management and insurance advice on loan transactions totaling in excess of $500 million, with collateral value exceeding $1 billion.”
The brokerage’s financial institutions group works with hundreds of the world’s largest banks, investment advisors, and asset managers, including 25 of the 100 largest hedge funds in the world. The private client group addresses the personal risk management needs of affluent individuals and their families, with particular expertise in fine arts.
“The art finance group is a natural extension of our strength and expertise in serving both the financial services and affluent ultra-high net worth sectors,” said James W. Crystal, chairman and chief executive officer of Frank Crystal & Company.