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The Standard Club Asia Ltd and Ping An Property & Casualty Insurance have entered into a cooperation agreement to jointly offer protection and indemnity (P&I) cover in China.
According to a statement by Standard Club, the move will focus on China’s rapidly growing shipowning sector, especially on owners undertaking ocean-going voyages. It will also allow Ping An P&C to expand its existing P&I business to cover the growing number of shipowners in China, which is now the world’s second-largest ship-owning country.
David Roberts, managing director of Standard Asia, and Jane Lee, general manager of reinsurance at Ping An P&C, attended the signing ceremony.
“We know Standard Club as a leading member of the International Group of P&I clubs, and its Asian subsidiary, Standard Asia, has had a remarkable track record of service and commitment in Asia over the past two decades,” said Ting Xu, executive vice president of Ping An P&C. “Standard Asia has significant ambitions to extend its services in China and we also know that the club, via its management company Charles Taylor, has access to an excellent international network of offices and associates in every part of the globe.”
“Ping An is known for its innovation, technical expertise, and specialist underwriting ability,” said Jeremy Grose, chairman of Charles Taylor Mutual Management (Asia). “Together with our international expertise, the agreement creates synergies that will strengthen the P&I offering of both Ping An and Standard Asia.
“This move signals our next phase of growth in China, a market we see as being a key pillar supporting the long-term growth of the Standard Group.”
According to Grose, the agreement is similar to Standard Asia’s agreements with Tokio Marine & Nichido Fire Insurance Co Ltd and the Korea P&I Club. Standard Asia has over 40 staff across its Singapore and Hong Kong offices which will work with Ping An to provide localised services to Chinese shipowners. Additional support will be provided by Charles Taylor’s network of offices in key cities such as Shanghai, Tokyo, Jakarta, and Perth.
