Specialty insurer Ironshore has entered the fine art, specie and cargo sectors in Australia with the creation of a new marine unit.

Senior Underwriter Ian Rouse will lead the unit and Caroline Jones has been recruited from London-based Pembroke Managing Agency as underwriter for the classes.

Ironshore will focus on static and transit fine art risks, specie business in the mining, energy and infrastructure sectors, including precious metals transit, and syndicated project cargo programs, plus lead positions on bespoke cargo placements.

“We saw an opportunity to bring Caroline’s expertise out here and, locally, we saw a series of opportunities in different lines,” Mr Rouse told insuranceNEWS.com.au.

Ms Jones says a broad range of fine art risks will be covered, including classic cars and stamps. As well as private and museum collections, those owned by super companies will be covered.

“Brokers said nobody else was really doing that – we saw a bit of a gap there,” Mr Rouse said.

Further expansion in the Australian market is being considered but Ironshore must always offer specialist expertise, because it “cannot thrash it out with the big insurers. We plan to grow further but it will be class by class, gradual expansion.”