Standard Club partners with China's Ping An to underwrite P&I risks
The Standard Club Asia, managed by Charles Taylor Mutual Management (Asia), has collaborated with Chinese insurer Ping An to underwrite protection and indemnity (P&I) risks in China.
Under the agreement, Standard Asia and Ping An Property & Casualty Insurance (Ping An P&C), a subsidiary of the Ping An Insurance Company of China, will jointly offer P&I cover to China’s rapidly-growing ship-owning sector, with a focus on owners undertaking ocean-going voyages.
Ping An P&C said the partnership will allow the company to expand its existing P&I business to cover the growing number of Chinese shipowners with ocean-going shipping operations.
For Standard Asia, the agreement represents a part of its growth strategy in China.
“We are pleased to sign this co-operation agreement with Standard Asia. 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. We look forward to working with Standard Asia,” Xu added.
Jeremy Grose, Chairman of Charles Taylor Mutual Management (Asia), said: “We are honoured to be working with Ping An, which is today one of the world’s leading insurers. Ping An is known for its innovation, technical expertise and specialist underwriting ability. Together with our international expertise, the agreement creates synergies that will strengthen the P&I offering of both Ping An and Standard Asia.
“Standard Asia is a fully-fledged Asian P&I insurer based in the region for more than 20 years with its own Asian shipowner board of directors providing oversight. 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."
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