UK-based insurance management group Charles Taylor has signed an agreement to acquire three of the operating companies of SC Management, the independent management companies of The Strike Club.

Bermuda’s Charles Taylor & Co has signed a new management contract for The Strike Club, and the employees of the acquired companies will join Charles Taylor on completion, managed by the SC Management CEO Bill Milligan.

Charles Taylor Group CEO David Marock said: "This acquisition provides us with the opportunity to manage another well-regarded mutual insurance company, The Strike Club, and is an important step in implementing our wider growth strategy.

"The acquisition and associated management contract would not have been possible without the full support of the board of The Strike Club."

Under the deal, Charles Taylor will take over the management of The Strike Club, subject to regulatory approvals.

The deal is part of Charles Taylor’s strategy to attain growth, through establishing management contracts with mutual insurance companies.

The Strike Club is a marine mutual insurance group, which covers the running costs of vessels delayed by strikes, shore delays, collisions, groundings and other incidents outside an owner’s or charterer’s control.

It also provides war and loss of earnings cover on a fixed premium basis, in addition to mutual delay cover.