Specialist marine and energy insurer The Standard Club has launched its new business model, as its separation from Charles Taylor is finalised.
The new model will allow the insurer’s current board to manage day-to-day operations for the long-term benefit of its members and brokers. While the change brings The Standard Club’s core management operations “in-house,” Charles Taylor will continue to provide a suite of support services, such as the club’s technology infrastructure and services, investment management, internal audit and other support services.
Charles Taylor Group companies will also serve as key providers for The Standard Club and its members, particularly for loss adjusting, medical assistance, marine technical and club correspondent services.
“The Standard Club has enjoyed a successful partnership with Charles Taylor for many decades and this relationship has evolved with the club’s growth,” said The Standard Club CEO Jeremy Grose.
Grose added that both parties worked hard over the transition to ensure that members and brokers will “notice no difference in their normal dealings” with the club.
“As you might expect, separating the club from Charles Taylor after 137 years of integration has been a very large and complex project,” the chief executive commented. “An enormous amount of hard work and expertise has been applied by the two teams, and it is a great credit to them that the job has been done on time and on budget.”
Read more: The Standard Club announces self-management
The Standard Club first announced its plans to self-manage last year after conducting a review of its strategy, scale, and changing governance requirements in 2019.
