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R K Harrison Fine Art
September 2012
2 Fine Art
RKH Group Overview
R K Harrison Group Limited is an employee-owned, independent insurance and reinsurance broker, specialising in providing bespoke solutions to businesses, insurance brokers, trade associations and private individuals.
LeadingIn each of four broking subsidiaries, clients receive the attention of class-leading specialists. Whether executing the largest transactions for multinational corporations or designing bespoke products and services for private clients, RKH has the experience and expertise to produce the best results.
Privately-ownedEmployee ownership allows RKH to attract, retain and motivate the most talented people; to prioritise sustainable growth over short-term profit; and to remain committed to the business for the long-term.
IndependentFree from outside control, RKH can focus its resources on delivering consistently better results for all its stakeholders.
Group revenue growth
£92ma decade of year-on-year growth
Year ending 30 June 2012 03 04 05 06 07 08 09 10 11 12
Our objective is to build the UK's leading privately-owned independent broking business. Paul BridgwaterCEO, R K Harrison Group Limited
3R K Harrison
Group revenue by territoryRecent achievements
Specialist expertise across four broking subsidiaries
RKH Financial Risks• Political Risks & Structured Credit• TradeCredit&Bonds
RKH Marine & Energy• Energy• Marine• Construction
RKH Property & Casualty• Accident & Health• Casualty• Cargo&StockThroughput• Exec.&ProfessionalLiability• Healthcare• Programme Business• Property• PublicEntity• Specie
RKH Facultative Reinsurance• UKRetro • US/European• LatinAmerica&Caribbean• Terrorism&PoliticalViolence
RKH Specialty ReinsuranceMulti-classservicesforCaptiveCompanies,Corporations&Mutuals;Insurance & Reinsurance Companies; Lloyd’s Syndicates, Groups & Associations.
RKH Treaty ReinsuranceMarine,Energy,Non-MarineProperty,Liability, Aviation and Specialty lines in theUSA,Bermuda,ContinentalEurope&LondonMarkets.
Specialty ProgrammesBowoodInsuranceBrokersoperatesas the RKH Group’s specialist delegated authority provider to third party intermediaries and ManagingGeneralAgents,handlinga worldwide delegated authority portfolio including catastrophe and non-catastrophe classes, commercial and personal lines.
Commercial• Contingency&SpecialtyRisks• Corporate• ProfessionalRisks• Schemes&TradeAssociations
Private Wealth• Farms&Estates• FineArt• HighPerformanceMotor• Private Client• Sports&Entertainment
UK RETAIL INTERNATIONAL SPECIALTY LINES REINSURANCE DELEGATED AUTHORITY
18%Rest of World
33%UnitedKingdom
49%North America
%
� Winner - Insurance Broker of the Year (Insurance Insider 2012)
� Rated No 1 - Top Performing Broker (InsuranceTimesTop50Brokers2010)
� Winner - Best Insurance Broking Company (ReactionsLondonMarketAwards2010)
� Winner - Broker of the Year (ReactionsLondonMarketAwards2009)
� Winner - National Broker of the Year (InsuranceTimesGoldAwards2009)
4 Fine Art
Key Facts & Evolution
RKH revenue growth tracks its increasing range of specialist products and services for clients
£40m£20m
Retail
Proper
ty
Casualt
y
TreatyReinsurance
Politi
cal R
isks C
redit
Energ
y
Constructi
on
1999
WinnerProfessionalIntermediary
of the Year
Bermuda
WinnerCommercial Lines BrokeroftheYear
The BritishInsuranceAwards 2001
WinnerLargeBrokerof
the Year23rd in UK Twoawardsin
BermudaBestBrokersSurvey
Commercial Lines Initiative of
the Year
TradeCredit&
Bonds
largest producer of premium to
Lloyd's
sixthstaff across the
group
650+locations in the UK &
internationally
nine
5R K Harrison
£80m£60m
Spec
ialty
Program
mes
Marine
Spec
ialty
Reinsu
rance
Exec
utive &
Profes
sional
Liabilit
y
Profes
sional
Risks
Spec
ialty
Risks
Cargo&StockThroughput
Acciden
t & H
ealth
Facu
ltativ
e Rein
suran
ce
Miam
i
Spec
ie
MWAHigh
PerformanceMotor
2012
WinnerBrokeroftheYear
WinnerInsuranceBroker
of the Year
WinnerBestInsuranceBroking
Company &BestInsuranceBroking
TeamforMarine
BrokingInitiativeof the Year
WinnerNationalBrokerof the Year 2009
TradeCredit&
Bonds
Top Performer2010Top50Brokers
£92mCyb
er
InsurancetimesThe British
InsuranceAwards 2008 HONOURS
year R K Harrison was founded
1882broking companies
fourprivately owned by
employees
100%
6 Fine Art
R K Harrison Culture
RKH is totally committed to providing its clients with the highest standards of professional service. We are also fiercely independent and have access to the world’s most versatile and advanced insurance markets, ensuring we remain innovative and competitive at all times.
Our objective is to provide a platform for talented people to deliver expertise and personal service to clients. RKH has focused on attracting high calibre teams and individuals across a range of disciplines which has enabled us to develop a strongproductline,animpressiveclientportfolioandanenviablereputation.ThisinturnallowsRKHtocontinuetoattractfurtherindividualstoperpetuatetheprocess.Thisfocushasprovidedasolidfinancialbasiswithwhichtocreateshareholdervalue and commitment to our clients.
Values
� Tobecustomerfocused
� Tolistentothecustomer,understandingtheir needs and requirements
� Toensurewebringexpertise,honesty,fair dealing and competence to the fore in everything we do
� Where permitted, to conduct our business without being rule bound, encouraging versatility of thought
� Tohavea“cando”attitude,tobealwayswilling and always aim to meet the needs of the customer
� Tomaintaincleardirectionandpriorities
� Tobecreativeandimaginative
Principles
Our People
� We seek to attain the highest quality workforce in the insurance broking industry by selecting and employing talented staff throughout the firm
� We seek to promote leaders who achieve our objectives
Our Performance
� We seek to develop and continuously improve products, processes and services
� We seek to develop profitable business to become the leading player in each area in which we operate
Our Process
� We provide client-focused internal organisation and processes
� We seek to achieve effective communication throughout all areas of the firm, and specifically with our customers and underwriters
Our Perspectives
� We seek to achieve the highest levels of customer satisfaction
� We seek to establish long-lasting relationships with customers and underwriters
7R K Harrison
R K Harrison Differentiators
What makes us unique is who we are − a highly motivated group of individuals, hand picked to create an unrivalled broking business. Bringingtalenttogetherandharnessingthefullpotentialofourresources sets us apart from our competition.
Independence We are independent in a marketplace where consolidation of our competitors means diminishing options and less differentiation for customers:� We are unencumbered by any conflict of interest� Wedonothaveapipelineofbusinessflowingfroma“parent”company−wehavetoearnour
business and maintain exceptionally high standards to retain it� We are at the forefront of developing innovative ideas, processes and products � We trust it will never be called upon, but we do maintain separate E & O protection to that of our
retail partners.
Privately Held We are committed to remaining private for the long term, so that:� We can react quickly and efficiently to the changing environment in the marketplace and where
possible, effect change for our clients' benefit� We can finance our plans without relying on outside sources� We can take a long-term view of the business� We are not hindered by reporting to outside analysts and shareholders
Market Presence
We are a force to be reckoned with:� We are an award-winning broker� In the lines in which we operate, we are typically the leading independent and a top 5 producer to
our major underwriters� OurdivisionisfastbecomingtheleadingLondon,EuropeanandBermudanprovider
Teamwork We employ only the highest calibre individuals, enhancing their contribution through the following:� We operate in an open environment where all members of the team work closely together and
share the same culture of open communication and co-operation� Unrivalled stability of management and staff� TheclaimsandservicingteamsarefullyintegratedwitheachDivision
Performance & Recognition
Since the management buy-out in 1999 we have:� Builtanextensiveclientportfoliowhilemaintaininganexceptionallyhighclientretentionlevel� Grown revenue and profit and expanded our product lines year on year� Becomerecognisedasbrokersoftoughtoplaceaccounts� Earned respect from all our markets for integrity and grit� Earned recognition for our claims and servicing excellence
8 Fine Art
Lloyd's is one of the most secure insurance markets in the world. Its five tier layered security programme provides for a market rating of:
Standard & Poor's A+ (strong)
Fitch Ratings A+ (strong)
A.M. Best A (excellent)
In the unlikely event of Lloyd’s Underwriters were unable to meet their obligations then Lloyd’s 3 link programmeconsistingoftheCentralFundwouldrespond.Thefirstlinkrepresentsthesyndicatesthemselves, followed by the central fund member's liabilities, followed by the 3rd link which is the Central Fund. As you can see, the Central Fund has its own reinsurance protection entitled the callable layer.
The Strength of Lloyd's
SYNDICATE LEVEL ASSETS£39,021M
MEMBERS’ FUNDS AT LLOYD’S£13,832M
SEVERAL ASSETS
FIRST LINK
SECOND LINK
MUTUAL ASSETS
CENTRAL FUND£1,285MCORPORATION£162M
SUBORDINATED DEBT/SECURITIES£930M
THIRD LINK
CALLABLE LAYER £703M
9R K Harrison
R K Harrison is one of the leading independent commercial insurance providers in the UK. We combine the traditional aspects of a local brokerage, personal service and timely response, with the resources of a national operation.
R K Harrison Insurance Services
BenefitsofworkingwithRKHarrison
Buying PowerBeingaTop25UKinsurancebrokergivesussignificantbuyingpower,meaningweareoftenableto negotiate policies and premiums that other providers may find difficult to match.
Quality of ServiceWe are committed to providing clients with the highest standards of professional service. You will have a dedicated team in place to guide and advise you on insurance from the initial meetings and throughout the life of your insurance and risk management programme.
Comprehensive CoverWith our wide access to insurance markets we are able to source some of the most comprehensive policies available and, in addition, in many instances we are able to offer products that are exclusive to R K Harrison.
Risk Management ServicesWe can help to identify any potential gaps in your programme and provide preferential access to a range of leading risk management services to ensure that wherever possible you can eliminate or reduce risks that could disrupt your business.
ClaimsWe will provide you with a personal claims manager who will be your single point of contact whenever you have to make a claim. You will also receive access to RKH Response, our specialist recovery and restoration service.
10 Fine Art
What we do
TheFineArtteamoffersexpertinsurancesolutionsfor:
� Private collections� Galleries
� Museums� Exhibitions&Transit
� ArtDealers� Shippers & Packers
We provide a wide range of (re)insurance coverages for our clients, including:
� AllRisksofPhysicalLossorDamage� Fine Art Reinsurance� DefectiveTitle
� Sale of Fakes & Forgeries� BusinessInterruption� Liabilities
� Terrorism� Kidnap & Ransom
Claims
Weunderstandtheneedforafairandrapidclaimsservice.Throughstrongrelationshipswithourmarketsweaimtoprovidea smooth and trouble-free process. We have a dedicated and fully-integrated claims team that endeavours to ensure all claims are handled in a professional, confidential and efficient manner.
Contacts
London accounts
Technical & Binding Authorities Claims
The Fine Art Team
London MarketingBusiness Development
Dominic EvansDivisional DirectorT +44 (0)20 7456 9379M +44 (0)7789 277 217E [email protected]
Joe BonaccorsoTechnical Manager T +44 (0)20 7456 9329T [email protected]
Alex SimpsonTechnicianT +44 (0)1234 311 270E [email protected]
Felix EastcottSenior Claims BrokerT +44 (0)20 7426 5201E [email protected]
Sandra EganAccount HandlerT +44 (0)20 7456 8068E [email protected]
Daisy AllsupJunior Account HandlerT +44 (0)20 7426 2352E [email protected]
Harry SymsAccount HandlerT +44 (0)20 7456 7924 E [email protected]
Michael IngSenior Account HandlerT +44 (0)20 7456 9359E [email protected]
Sir Mark BowenAccount DirectorT +44 (0)20 7456 9325M +44 (0)7811 448 358E [email protected]
Filippo Guerrini-MaraldiExecutive DirectorT +44 (0)20 7456 9394M +44 (0)7966 528 251E [email protected]
Acknowledged as one of the leading providers of Fine Art coverage in the London market, we specialise in both private and corporate collections. Our business derives from direct and wholesale sources in multiple continents.
Viscount DaventryNew Business DevelopmentM +44 (0)7802 252 927E [email protected]
11R K Harrison
Felix Eastcott Joe Bonaccorso Michael Ing
Filippo Guerrini-Maraldi
Harry Syms
Sandra Egan Alex Simpson
Filippo Guerrini-Maraldi - Executive DirectorFilippo started his career in 1986 with the Sedgwick Group. In1989hejoinedtheJHMinetGrouptobecomemoreinvolved in the class of Fine Art and Jewellery. In 1992, FilippomovedmostoftheteamtoJardineLloydThomson.In1999,FilippowasinvitedtocreateaFineArtDivisionat the newly structured R K Harrison Group following the management buyout from Hiscox. Under Filippo's management the team has gone from strength to strength.
Mark Bowen - Account DirectorMarkstartedhiscareerinOctober1978atHoggRobinson&GardnerMountainwherehejoinedtheNonMarineInternationalDivision.In1983hemovedtoJ.HMinet&Company Ltd, who looked after some of the top Fine Art collectors, galleries and museums worldwide. In 1992 the team moved to Jardines to set up a new division. In 1997,JardinesmergedwithLloydThompsonandbecameJardineLloydThompson.In2001,MarkjoinedRKHarrisonto assist in the growth and development of the division.
Harry Syms - Account HandlerHarry first spent time with RKH in 2001 and then following hisgraduationfromNewcastleUniversitywasemployedan a full time basis in the Fine Art team. Harry has been an account handler and broker, handling new business risks and renewals, as well as liaising with clients on a daily basis. Harry had a brief sabbatical in 2008 to write a novel which isnowpublishedandreturnedtotheFineArtDivisioninNovember2010.
Dominic Evans - Divisional DirectorDominicbeganhiscareerin1994withGriffithsandArmour, Aviva and then Aon where he maintained his interestsinProfessionalIndemnitybusiness.DominicthenjoinedRKHin2004andisnowDivisionalDirectorconcentrating on key accounts and managing the day to dayrunningoftheFineArtDivision.
Felix Eastcott - Claims BrokerFelix began his insurance career whilst studying for a psychologydegreeatUniversityinBristol.Duringuniversityholidays, Felix began working in the R K Harrison claims team in 2002. At this time he was handling Farms and Estate,UKCommercialandHighNetWorthclaims.Oncompletion of his degree and a travelling hiatus in 2004, Felix transferred to the London office to manage the Fine ArtDivision'sclaims.
Katie Small - Board DirectorKatie began her career as an equity sales trader for investmentbank,AlfredBerg.In1998shejoinedholdingcompanyABNAmrototradeEuropeanequities,dealingwith UK and US-based institutions. Katie left the City in 2003 to start a family and it was during this period that shewasapproachedtofinanceMercuryWestAssociates(MWA).Sheeventuallytook100%controlofthecompanyandsoldittoRKHinDecember2011.KatieisheadoftheRKH Private Wealth division, which was established in July 2012 and comprises of the Private Client, Fine Art and Rural trading divisions. In August 2012 she became the first woman to sit on the RKHIS board.
Fine Art Service Team
Selected CVs
Peter Jones Dominic Evans Viscount Daventry Mark Bowen
Katie Small
12 Fine Art
Art Insurance - Points of Interest
Art theft is usually for the purpose of resale or ransom. It is estimated only 5-10% of stolen art is recovered and the problem of art theft is only surpassed by the illicit trade in drugs and arms*.
We have collated some interesting case studies which illustrate the importance of insuring your art against theft.
What About Forgeries?
Isabella Stewart Gardner MuseumBoston, Massachusetts, March 1990
On18March1990,apairofthievesdisguisedasBostonpoliceofficersentered the Isabella Stewart Gardner Museumandstolethirteenworksofart.
ThestolenartworksincludeTheConcertbyVermeer(picturedabove)whichisconsidered to be the most valuable painting in the world at $200,000,000, three works by Rembrandt, five drawings byDegas,ChezTortonibyManet,andtwo objects, an ancient Chinese Ku and a finial in the shape of an eagle from a Napoleonicflag.
Some media estimates have put the value of the stolen artworks at as much as $500 million, making the theft the largest single property theft in recorded history.
Themuseumhasnotreceivedanyinsurance money as it was uninsured at the time of the theft.
On22December2000,amanwalkedintotheNationalMuseuminStockholm,pointed a submachine gun at an unarmed guard in the lobby while his two accomplices stole Renoir's Young Parisian and Conversation with the Gardener, and Rembrandt's 1630 self-portrait.
Thethievesmadeadramaticgetaway,sprinkling spikes across the ground behind them to slow pursuers escaping by motorboat at high speed.
Todivertattention,thethievessetoffcarexplosions throughout the city, timed to go off while they were in the process of robbing the museum.
Thepaintings,whichwerevaluedat$30 million, were not insured, although unusually, the paintings were recovered in 2005.
In September 2011, a German couple, WolfgangandHeleneBeltracchi,wereput on trial accused of forging as many as 35 Expressionist paintings that made their way to London and Paris, with the total sum of the damages estimated at over $21 million over a period of 18 years.
A number of high-profile organisations and individuals were caught up in the scandal,includingChristie'sandLempertzauctionhousesandactorSteveMartin.
Damage In TransitDespiteheadline-grabbinguninsuredtheft, most claims actually arise from accidental damage in transit.
For reasons of sensitivity, we cannot print images of damaged works of art following claim payments as insurers wish to seek a maximum amount of salvage from the secondary market. However, anything from small marks to 20 inch tears can have a devastating affect on the value of fine art.
Over the course of the last decade, RKH has settled claims from this type of activity totaling in excess of $100 million on behalf of clients. Partly as testament to this, we have a client annual retention rate exceeding 95%.
'The Concert', Johannes Vermeer (c. 1664)
Forgery in the style of Heinrich Campendonk
Self portrait, Rembrant Harmenszoon van Rijn (1630)
National MuseumStockholm, Sweden, December 2000
Jägers Collection Forgery Ring Cologne, Germany
*Source:UNESCO
13R K Harrison
R K Harrison Insurance Services Limited (RKHIS) is an appointed representative of R K Harrison Group Limited, which is authorised and regulated by the Financial Services Authority inrespectofgeneralinsurancebusiness.RKHISisregisteredinEnglandNo.6719831.RegisteredOffice:OneWhittingtonAvenue,LondonEC3V1LE.09/12ref832
R K Harrison Insurance Services Limited
OneWhittingtonAvenue,LondonEC3V1LE
T +44 (0)1234 305 555F +44 (0)1234 408 676
An R K Harrison Group company
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