(September 11, 2019) – Charles Taylor and The Standard Club announce the sale, subject to regulatory approval, of Charles Taylor Managing Agency (and its associated companies, including The Standard Syndicate Services Limited and The Standard Syndicate Services Asia Pte. Ltd.) and the Lloyd’s corporate names, to a subsidiary of Premia Holdings Ltd. (Premia).
Premia is a reinsurance group, focused on acquiring and reinsuring run-off portfolios. The acquisition of the managing agency will allow Premia to establish a dedicated legacy platform in the Lloyd’s market.
All the staff of Charles Taylor Managing Agency will transfer to the new business which is expected to develop additional reinsurance to close (RITC) and run-off solutions for legacy business in Lloyd’s. Premia is fully committed to providing continuity to the run-off of Syndicate 1884.
David Marock, Group Chief Executive Officer, Charles Taylor, said: “I am delighted that we have achieved a positive outcome and exciting future for the managing agency and our staff who work for the business. We look forward to working closely with Premia and to providing services to support them as they develop their new business proposition.”
William O’Farrell, Group Chief Executive Officer of Premia, said: “Premia has been successfully delivering run-off solutions to insurers in the global P&C market for a number of years. This acquisition will enable us to deliver the same professional management of run-off to Lloyd’s insurers with trapped capacity and legacy portfolios and we are committed to providing continuity in the run-off of Syndicate 1884. We have the financial and operational capacity and expertise to deliver high quality solutions to Lloyd’s insurers.”
Jeremy Grose, Chief Executive, The Standard Club, said: “This is a very positive outcome for The Standard Club as it enables us to make a clean exit from the club’s investment in the managing agency and syndicate. We are fully focused on delivering the club’s strategy to meet members’ core P&I insurance needs, to provide them with a wide range of insurance and to diversify the club’s source of revenues.”
The financial terms of the transaction, which is subject to regulatory approval by Lloyd’s, the PRA, and FCA, are not being disclosed.
Charles Taylor and The Standard Club were advised by Willis Re Corporate Solutions
Mike Lord, Group Communications Director
Charles Taylor plc
+44 203 320 8938
Vanessa Chance, Partner
+44 020 3757 6870
About Charles Taylor (www.ctplc.com)
Charles Taylor plc is a global provider of insurance-related technical services and solutions dedicated to enabling the global insurance market to do its business fundamentally better.
We have been providing insurance-related professional services and technological solutions since 1884. Today, we employ around 3,000 staff in more than 100 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa.
We are distinctive in our market in that our professional services and technological solutions support every stage of the insurance lifecycle and every aspect of the insurance operating model. For the Property & Casualty (P&C) insurance market, we handle all major commercial lines, along with the more technical areas of personal lines; we do so similarly for the life and health insurance markets.
The clients we support range from insurers – including corporates, mutuals, captives, MGAs, Lloyd’s syndicates and reinsurers – to brokers, distributors and corporate insureds.
Our market-leading breadth of services and solutions, world‑class technical expertise, extensive global presence and 100% focus on insurance means we can manage and resolve virtually any insurance-related matter, wherever and whenever it occurs.
About Premia Holdings (www.Premiaholdings.com )
Premia Holdings Ltd. is a reinsurance group with operations in Bermuda, the U.S. and Europe that is focused on sourcing, structuring and servicing run-off business. With over $500 million in capital, Premia is well equipped to handle legacy acquisitions and reinsurance transactions in the global P&C run-off market. Premia is sponsored by Arch Capital Group Ltd. and Kelso & Company.
About The Standard Club (www.standard-club.com)
The Standard Club is a mutual insurance association and is a member of the International Group of P&I Clubs. The club is owned by its shipowner members and controlled by a board of directors drawn from the membership. It offers a broad range of P&I insurance and other marine and energy covers that represent excellent and sustainable value. It is recognised for providing excellent service through solving members’ problems and provides members with S&P A-rated financial security.
The Standard Club insures 159m gt of shipping and has an S&P A rating. It is managed by Charles Taylor group companies.