Travelers leads Glasgow School of Art loss

Travelers Syndicate 5000 at Lloyd’s is the lead insurer on the Glasgow School of Art (GSA) construction project, which burned to the ground on Friday, The Insurance Insider understands.

Marsh is the insurance broker to Kier Group, the contractor on the project to rebuild and restore the historic Mackintosh Building after a previous fire in 2014.

Travelers has a 35 percent line on the quota share construction insurance policy.

The GSA is one of the leading art schools in the UK and is an affiliate institution of University of Glasgow. The grade A-listed building is named after the renowned Scottish architect Charles Rennie Mackintosh, and is a well-known architectural gem of the city and a major Scottish heritage site.

It is not known at this stage what the size of the loss is or the total values insured much capacity is on the placement.

Travelers has $75mn in capacity to place at Lloyd’s. The construction team is led by Paul Latimer, with other underwriters including Nigel Cooper and Chloë Brindley, according to the company’s website.

Professor Tom Inns, director of the GSA said: “We are heartbroken our beloved Mackintosh Building has suffered another major fire.”

RSA is the property insurer to the art school, but does not insure the Mackinstosh building, as it was under construction.

A spokesperson for RSA said: “RSA does not insure the main building affected by this weekend’s devastating fire.

“We are currently working to understand any related losses on the wider estate, and support our client through this difficult time but we do not anticipate any material financial loss to RSA.”

Travelers and Marsh declined to comment.

Kier said in a statement: “An agreed fire safety strategy was implemented for the build phase of the Mackintosh restoration project, which combined measures for the protection of all those entering the site to work and to alert the authorities in the event of an outbreak of fire.” 

The statement continued: “We have a passionate team of local construction and crafts people, skilled conservators, supply chain and engineering specialists who have worked incredibly hard on this iconic landmark, and together we are all keen to do whatever we can to help moving forward.”