AXA XL has appointed Steven Lawrence (pictured) as head of fine art and specie for UK and Lloyd's, a new role he will take up in September 2026. He will continue in his existing position as global practice leader for jewellers, specie and cash in transit.
Based in London, Lawrence will be responsible for developing, executing and managing the underwriting strategy for AXA XL's UK and Lloyd's fine art and specie business, with a focus on profitable growth and effective risk management.
Lawrence's career has run almost entirely through this specific corner of the market. He started in hull claims at W K Webster, a marine claims handling agent, before joining XL in 2003 as an underwriting risk analyst. He moved into the fine art and specie business itself in 2005 as an underwriting assistance, working his way up over the following 14 years to global practice leader for jewellers, specie and cash in transit, a role he has held since 2019.
Louise Nevill, chief underwriting officer for specialty, UK and Lloyd's at AXA XL, said the fine art and specie insurance market was valued at $5.18 billion in 2024 and is expected to reach $10.2 billion by 2035, driven in part by increased demand for art investment and the evolving value of collectibles.
She said fine art and specie continues to be a valuable part of AXA XL's UK and Lloyd's specialty business, and that Lawrence's expertise and reputation make him the ideal choice to lead it. She added that protecting high-value, often priceless and irreplaceable items requires a partner who understands the true value and meaning of what is being insured, and that Lawrence will allow the business to continue offering exceptional service alongside a deep understanding of clients' most valuable items and the risk landscape they navigate.
Lawrence's appointment continues a period of significant change within AXA XL's UK and Lloyd's specialty pillar. Nevill herself joined AXA XL in March 2025 from Marsh, where she had spent five years as chief executive of marine, cargo and logistics at Marsh Specialty UK, having earlier held senior marine roles at WRB Underwriting, Talbot and Gard over a near 30-year career.
Her arrival came alongside the appointment of Sundeep Khera as head of marine and energy, part of a wider restructure of AXA XL's underwriting operating model under chief underwriting officer Mike Gosselin, who said at the time the changes were intended to enhance collaboration with brokers and strengthen the insurer's ability to meet diverse client needs.
Nevill's specialty pillar spans fine art and specie alongside equine, livestock and aquaculture, sports, media and entertainment, political violence and security risk, political risk, credit and bond, and energy, marine and aerospace.
That restructuring followed a period of senior departures from AXA XL's specialty unit, including its former UK and Lloyd's marine, energy and aviation chief underwriting officer and a former UK and Lloyd's hull head, both of whom left within the year before Nevill's arrival.
Against that backdrop, promoting a two-decade internal veteran into the fine art and specie leadership role, rather than hiring externally as it did for the CUO and marine and energy positions, suggests AXA XL sees continuity as the priority for this specific line, distinct from the external hiring approach used to rebuild leadership elsewhere in the specialty pillar.
Fine art and specie is a class where institutional knowledge and long-standing relationships with clients, appraisers and security specialists tend to matter more than in higher-volume commercial lines, since insuring irreplaceable, difficult-to-value items depends heavily on underwriter judgement built over years rather than standardised pricing models.
Lawrence's promotion from within a business he has worked in continuously since 2005 fits that pattern directly, and comes at a moment when Nevill's own framing suggests AXA XL sees real growth ahead in this market as art investment demand and collectible values continue rising through the next decade.
