Specialist marine and power insurer The Standard Club has initiated its new business model, as its separation from Charles Taylor is finalized.
The modern model will allow the insurer’s current board to govern day-to-day operations for the long-term benefit of its members and dealers. While the change brings The Standard Club’s core management operations “in-house,” Charles Taylor will continue to provide a suite of consent assistance, such as the club’s technology infrastructure and services, enterprise management, internal audit and other backing services.
Charles Taylor Group companies will also serve as key providers for The Standard Club and its partners, particularly for loss adjusting, medical employment, marine technical and club synonymous services.
“The Standard Club has appreciated a profitable partnership with Charles Taylor for many decades and this connection has developed with the club’s growth,” said The Standard Club CEO Jeremy Grose.
Grose put in that both parties worked hard over the transition to ensure that partners and brokers will “notice no discrepancy in their normal dealings’ ‘ with the club.
“As you might expect, segregating the club from Charles Taylor after 137 years of integration has been an extremely large and complex project,” the chief manager commented. “An enormous amount of hard work and aptitude has been applied by the two teams, and it is a great credit to them that the job has been done on time and budget.”
The Standard Club first declared openly its plans to self-manage last year after administering a survey of its policy, scale, and changing governance regulations in 2019.