Based in London, Faerestrand will report to James Garthwaite, senior underwriter, fine art & specie (FAS). The appointment is effective immediately.
LSM plans to build a Lloyd’s-based proposition for the UK HNW segment, delivered through both open market and delegated authority channels.
Faerestrand will be involved in shaping and implementing the business plan for the UK HNW portfolio. His responsibilities include setting underwriting parameters, developing products, managing broker relationships and supporting new business efforts. He will also work with FAS teams in Europe and the US to align the offering for clients with cross-border requirements. Garthwaite said Faerestrand’s knowledge of the market and experience in the sector provide a base for establishing a new option for clients.
Faerestrand has worked in the insurance industry for nearly 15 years. He was most recently strategic account and team manager at Chubb, and previously spent eight years as an art and private client development underwriter.
LSM’s move comes as the UK high net worth insurance market continues to evolve. The segment caters to individuals with significant assets, such as high-value properties, fine art, jewellery, and classic cars, and typically requires bespoke coverage and specialist underwriting.
Insurers in the sector are responding to growing client expectations around digital access and personalised service, as well as rising demand for international coverage. Inflation, supply chain disruption, and increased claims severity have prompted some insurers to tighten underwriting and reassess valuations. Climate-related risks and cybersecurity exposures have also become areas of focus for risk mitigation.
