ITOO Special Risks and Artinsure have officially announced their union. On 13 February 2018 the two companies came together and the ITOO Artinsure brand was born.
Artinsure specialises in the insurance of art and collectables, while ITOO specialises in niche and special risks insurance. “It’s a perfect fit,” says ITOO chairman, Paolo Cavalieri. “ITOO is all about focused niche underwriting. Plus we’re really passionate about art, and each of us is a collector in our own right.” The relationship goes back more than a decade through Artinsure and ITOO’s association with Hollard.
“We started Artinsure just on 10 years ago, when Paolo was still CEO of Hollard,” says Gordon Massie, managing director of Artinsure. “During that time we have developed a strong relationship with Hollard and the companies in its stable.
“Bringing Artinsure under the ITOO umbrella will work really well for both companies. We will benefit from the association with a brand that has become known as a strong provider of specialist insurance. We will also be able to leverage cross-selling opportunities more readily.”
Massie explains that the art world is truly global and extremely active as collectibles continue to emerge as an important asset class that provides diversity and excellent returns. Both ITOO and Artinsure are looking beyond the borders of South Africa, aiming to expand their presence around the world.
Massie points out that the business is not just about art, but about anything precious and collectable. “We understand this business really well and are equipped with a comprehensive network of experts to ensure we manage claims on these appreciating assets appropriately,” he says. “We insure a range of things against accidental damage, theft and transit risks – including memorabilia, gold, photographic equipment, antiques, delicate equipment, stamp collections and a whole lot more.
“We also insure the dealers, galleries, museums and specialist storage locations that house collections for all to appreciate. We understand these businesses well and we have solid relationships with the people who run them.”
The company plans to release a range of new products to add to its already impressive line-up. The classic car movement, for example, offers specialist insurance opportunities on cars that are more than 20 years old.
“We’re not talking high-performance cars here, but rather the classics that only get taken out and enjoyed on special occasions,” says Massie.
ITOO Artinsure will also introduce a specie product, which provides insurance on the storage and movement of high-value metals and minerals across Africa. In support of ITOO’s existing film completion guarantee offering, ITOO Artinsure will provide film producers with the Full Monty when it comes to their insurance requirements.
“We’re excited that we’ve been able to add such an interesting and successful specialist UMA to the ITOO stable,” says Cavalieri. “Over time we will keep adding to the ITOO Special Risks product range through partnerships such as the one with Artinsure, where we share similar focus, expansion and diversification plans.
“This really is a match made in heaven.”
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