Standard Club and Charles Taylor will work together to create a new operating model
Under the new operating model, Standard Club will insource and manage its day-to-day operations. (Credit: Pictures of Money/Flickr)
The Standard Club, a marine and energy insurer, is set to take control of core management operations following an agreement with its third-party manager Charles Taylor.
The move follows a review of the club’s strategy, scale and evolving governance requirements, carried out last year.
Under the new operating model, Standard Club will insource and manage its day-to-day operations. The same management team will continue to operate as part of the club’s own organisation.
The Standard Club chief executive Jeremy Grose said: “Through the successful partnership with Charles Taylor, the Standard Club has grown to become one of the leading P&I clubs globally.
“We are committed to a strong, long-term and mutually beneficial partnership with Charles Taylor in the future.
“While members and brokers will notice no difference in their normal dealings with the club, we believe that this new model will strengthen the club’s governance to their long-term benefit.”
The transition is slated to complete in August next year
Meanwhile, Standard Club and Charles Taylor will work together to ensure a smooth transition for club members, clients and stakeholders. The club will work with the regulators to implement the changes.
The transition is set to begin next month and complete in August 2021.
Charles Taylor will offer a range of support services including the insurer’s technology infrastructure and services, investment management and internal audit among others, as agreed under multi-year contracts.
Charles Taylor global chief operating officer Richard Yerbury said: “We are committed to ensuring a successful and smooth transition to the club’s new operating model and we look forward to supporting the continued success of the club over the years and decades to come.
“Charles Taylor will remain a critical partner of the club, and vice versa. As the club moves forward, the ongoing expansion of Charles Taylor’s services and international coverage will benefit the club as well as our other clients across the global insurance market.”