The strength of AIG recently helped an art collector rest easier—and earned us a new Platinum Account customer.
Underwriter Chris Welborn and Business Development Manager Betsy Halstead were visiting a broker in North Carolina who happened to inquire about AIG’s ability to insure large art collections. The broker was not familiar with the extent of our capabilities with regard to fine art, so Chris and Betsy confidently confirmed our underwriting capacity as well as our strong reinsurance relationships. (If you weren’t aware, insurance companies work with reinsurers to provide an added layer of financial protection in the event of a large-scale claim event.)
The prospective client had an extensive art collection valued at $840 million. Previously he relied on four different insurance companies to each protect a percentage of the collection due to its size. However, working with so many providers made it much more complicated to maintain efficient coverage.
Recognizing the potential opportunity for AIG Private Client Group, we convened a team to find a better underwriting solution. Julie Wahlborg, Christopher Walsh and Ron Fiamma collaborated to provide an option that would offer complete coverage through AIG alone. In addition, we were able to present highly competitive rates and introduce the client to our industry-leading Art Collection Management team. On top of that, the size of the insurance account meant the client would also be eligible for our Platinum Account benefits.
As a result of this coordinated effort, we won the fine art business and are now well positioned to insure the client’s many other physical assets.