The Standard Club (“the club”), the specialist marine and energy insurer, and Charles Taylor, the leading provider of services and technology solutions to the global insurance market, announced their decision to work together to create a new operating model for the club. This decision follows a review last year, which took into account the club’s strategy, scale and evolving governance requirements. As a result, the club has decided to bring its core management operations ‘in house’.
This change will enable the club to insource and manage its day-to-day operations, while retaining the entrepreneurial and member-centric culture that, with the support of Charles Taylor, has led to its success over many decades.
The club and Charles Taylor are working together to ensure a smooth transition for club members, clients and stakeholders, beginning in July 2020 and concluding in August 2021. Under the new model, the same management team will remain in place, with the same individuals and teams continuing to service members’ and brokers’ needs and carrying out core management, underwriting, claims handling, loss prevention, finance and control activities, as part of the club’s own organisation.
Read More: smartTrade’s Solution Awarded Best Multi-Asset EMS System by Markets Media
Charles Taylor will provide a range of support services including the club’s technology infrastructure and services, investment management, internal audit and other support services under multi-year contracts. Charles Taylor Group companies will also be key providers to the club and its members for loss adjusting, medical assistance, marine technical and club correspondent services. The club will continue to be one of Charles Taylor’s largest clients.
Read More: How Coronavirus is Impacting Multifamily Investments and the Transaction Process
