Charles Taylor buys Standard Club businesses

Insurance services firm Charles Taylor has taken substantial stakes in two Standard Club businesses in a deal that will allow it to offer managing agency services to new syndicates.

It has acquired a 50.1 percent stake in Almond One and 100 percent of Almond Two as part of what it called a ‘turnkey’ deal to allow it to offer managing agency services.

Charles Taylor acquired the businesses from mutual insurance association The Standard Club for £6.3 million, as part of its strategy to expand its insurance-related professional services business.

The managing agency’s first client is anticipated to be The Standard Club’s planned new syndicate 1884.

Almond One has gross and net assets of £1.5 million as at February 19, 2015 and through its subsidiaries comprise almost all the components required to establish a turnkey managing agency at Lloyd’s.  Almond Two has gross assets and net assets of £3 million as at February 19, 2015.