XL Catlin and A.J. Gallagher annouced the launch of an exclusive underwriting agreement to offer a lifestyle insurance program for young and new art collectors in New York City.

The policy, known as "Five for Five", features five specialized insurance coverages – Fine Art, Jewelry, Wine, Cyber Theft and Identity Fraud – on one simple policy, for an annual premium of $500 with a $500 deductible.

According to Jennifer Schipf, XL Catlin’s Fine Art & Specie Senior Underwriter, "XL Catlin is continuosly looking for innovative ways in which we meet the changing insurance needs of our clients.

"There are so many phenomenal young collectors and artists in New York City, our partnership with A. J. Gallagher and our long standing relationship with the New York Academy of Art provide the perfect network to link new collectors with artists and provide them with a tool to protect their growing collections."

The Five for Five program will initially be available only to young and new collectors in New York City. However, as it grows it is expected to expand coverage to other US cities with established and emerging art scenes.

"Millennials are the fastest growing consumers in the US. They are sophisticated collectors who actively engage in the traditional New York art scene, embrace online purchasing and converge upon the international art markets and fairs," said Ellen Ross, Managing Director Fine Arts Insurance & Risk Management at A. J. Gallagher.

"We look forward to working with this vibrant next generation of art collectors."

XL Catlin provides specialized fine art insurance for galleries, museums, and a range of businesses in the art world, as well as individual collectors, insuring a wide range of collectibles and valuables, from antiques and jewelry to coins and wine collections.