Bermuda-based UK specialist insurer Hiscox has acquired the renewal rights of Eriks Assuradeuren, a Dutch insurer specializing in commercial fine art, particularly for museum, gallery and company collections. According to Hiscox, this will allow it to benefit from the increasing popularity of commercial fine art in the Netherlands.
Hiscox commented that it expects its art and private clients business in the Netherlands to grow by over 25% as a result of the acquisition. The insurer also expects the agreement to strengthen its existing broker relationships by enabling it to offer a wider range of products.
Marc van der Veer, Hiscox’ managing director for Europe, said: The acquisition of Eriks Assuradeuren is a logical step for us. The Dutch fine art market is growing rapidly and the renewal rights from this respected business will add a commercial fine art book to our already flourishing private client business there.
Mr van der Veer concluded: The deal supports our ambition to become a market leader in all areas of fine art and is in line with our ongoing European growth strategy. In other countries we have a long history of insuring museums, galleries and commercial collections, and hope to build a similar position in the Netherlands.