Markel Insurance has launched a Fine Art & Specie business in Australia and named Matthew Stock as head of the new unit, effective immediately, the speciality insurer announced on Thursday.
The new unit will underwrite fine art products, including personal and corporate collections, jewellery, dealers and galleries, jewellers’ block, and cash in transit.
Stock brings 30 years of industry experience and joins from 360 Underwriting Solutions, where he served as executive director, fine art and specie. He has also held roles at Quantum Underwriting Agencies, Talbot Risk Services, Chubb and XL Catlin.
Based in Sydney, Stock reports to Tim Wills, head of marine for Australia.
Wills said the expansion into a “highly specialised and attractive segment” of the market marks an important step in the evolution of the business’s marine strategy.
“Fine Art and Specie offers a compelling opportunity to diversify our portfolio and build a leading position in a class characterised by strong performance and disciplined underwriting,” he said. “With deep expertise and a strong market reputation, Matthew will play a key role in establishing Markel as a trusted and responsive partner to brokers and clients across this space.”
The move follows Markel’s appointment of Danny O’Donoghue as head of fine art and specie in London in May. It also marks a further expansion of its presence in Australia, after it opened a Perth office in April and appointed Jerome Steyn and Pierre Dagnee to lead its underwriting presence in the state.
