A “fascinating journey” in fine art insurance
Markel International, Singapore
Janita Leu, senior underwriter for fine art and specie at Markel Asia, shares some of her achievements since embarking on her career journey in fine art insurance, and explains what lies ahead for this class of business.
Twenty-seventeen was the year when I embarked on a journey in fine art insurance. Having been a cargo underwriter prior to that, I was familiar with the market and knew many of the brokers, who often overlapped in the fine art and specie markets. Nevertheless, whilst I had the support of my specie head in London at the time, most of my colleagues thought I was acting on a whim given the relatively nascent nature of the fine art and specie market in Asia at the time. From only one Lloyd’s Asia service company offering the fine art and specie product in Singapore, today three service companies write this class actively with a dedicated team in place.
In 2021, I joined Markel Asia to kick-start its fine art book, which came with a slight feeling of déjà vu. At Markel, however, we are not acting on a whim; we mean business. The internal support from our executive committee and marine management is second-to-none, with specialist underwriting core to the DNA of Markel. Additionally, with the depth of knowledge of our expert teams and breadth of relationships in Asia, we are on hand to deliver a five-star service to brokers and clients across the region.
Working in the fine art sector is fascinating because each week, I’m fortunate enough to see and handle a diverse range of submissions/enquiries for exhibitions and private collections. Below are some of those aforementioned submissions, which have come through my inbox:
• Two years ago, I was asked to quote the Red Sandlewood collection, valued at $150 million USD. It currently sits in a private museum owned by Ms. Chan Lai-Wah, chairlady of Fu Wah International Hong Kong.
• Last year, I quoted a comic book collection worth circa $20 million USD. I was delighted to have acquired the insurance deal for this portfolio.
• South Korean conglomerate, E-Land Group, has a collection of memorabilia and antique cars, totalling $100 million USD. It was reported that E-Land paid $8.8 million USD for a 33-carat diamond once owned by Hollywood star, Elizabeth Taylor.
• The 2,700-year-old Terracotta Army of the Qin Dynasty ended up in Thailand, after its tour in Wellington and Melbourne, three years ago. I was proud to have insured the display at the National Museum Bangkok. This included a single chariot with a terracotta warrior.
As Asian economies continue to grow, there’s no doubt that the range of fine art will continue expanding and diversifying within the region.
About Markel International:
Markel International is a division of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (NYSE: MKL). Markel International writes insurance and reinsurance business through six divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel International Insurance Company Limited, Markel Insurance SE., and Markel Resseguradora do Brasil S.A.
Its UK national markets business also provides legal and professional fees insurance cover as well as legal and tax consultancy services.