Robert Read, global head of fine art at specialist insurers Hiscox Ltd.
But a clutch of British insurers, including Hiscox and Omega Underwriting, have recently moved to Bermuda to minimise tax.
"There's massive demand" for such a facility, said Mr. Read at Hiscox.
"Our figures show that prices for contemporary art have risen by 12% in the last year alone, " said Charles Dupplin of insurance firm Hiscox.
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Although the painting fell far short of its upper estimate, art expert Charles Dupplin from specialist insurer Hiscox said the sale was not a disappointment.
It is available from Hiscox Syndicate 33 at Lloyd's of London.
Some of the best-known syndicates at Lloyd's, including Hiscox, Amlin, Catlin and Wellington, have recently expanded, established or acquired operating units in America and Bermuda.
The robbery was unusual for its boldness and for the number of people involved, said Robert Read, global head of fine art at specialist insurers Hiscox Ltd. in London.
Hiscox, like most of the brands we work with, is more interested in telling a story about what they do as opposed to who they are, which the audience appreciates.
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Last year an insurer, the Hiscox Group, estimated that kidnappings for ransom had reached record levels around the world, with 1, 407 reported incidents in 1997, up from 791 in 1995.
Similarly, Caitlin Florance, 27, has been mega-commuting from New Jersey to New York for the last few years to work at financial services company AIG and business insurance provider Hiscox without the high costs of city living.
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