27 October 2014 Insurance

Charles Taylor to manage Standard Club syndicate

Charles Taylor and the Standard Club have received in-principle approval from Lloyd’s to establish a managing agency and syndicate specialising in marine and energy.

The companies are now in the ‘making it happen’ phase of the Lloyd’s new entrant procedure and subject to receiving the necessary approvals underwriting will commence on or after April 1, 2015.

In a letter issued to members of the Standard Club, and seen by Intelligent Insurer, the company said that the syndicate will underwrite a range of marine and energy risks that cannot be underwritten through the existing P&I model.

Standard Club has been assigned 1884 as the syndicate's number, which was the year in which The Standard Club was established. The syndicate will be led by Robert Dorey, who has managed the club's offshore syndicate for a number of years.

“With this project, we aim to enable members to access a broader range of products that are backed by the club's service proposition, and to enhance the financial strength of the club over time,” said the letter.

“We are also seeking approvals from the PRA and FCA to establish the managing agent, so there is still some way to go,” said a spokesperson for Charles Taylor.

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