US private equity firm Lovell Minnick said it is ready to help the Standard Club grow following its acquisition of the protection and indemnity insurer’s management company.
The acquisition of a majority stake in London-listed Charles Taylor was completed earlier this week, and the company has been delisted.
Supporting growth
In a statement, Lovell Minnick said it would be seeking to grow Charles Taylor and also “support the growth of Charles Taylor Insurance Management clients”.
It also appears there will be no changes to the Charles Taylor management board at the Standard Club.
Lovell Minnick said: “Charles Taylor’s existing experienced management team remains in place, there is no intention to make any changes to the management structures or reporting lines as a result of this transaction.”
Lovell Minnick partner Jason Barg said the firm shares a vision with the Charles Taylor team, focused on supporting clients and “further growing the platform” in the years ahead.
Spencer Hoffman, also a partner, said: “Charles Taylor is a high-quality business, operating in a sector in which we have extensive experience. We are delighted to support the management team in continuing the development of the business they have built over the past years.”
The Standard Club’s Charles Taylor management team is headed by chief executive Jeremy Grose.
Charles Taylor management earlier attempted to help the Standard Club grow by setting up a Lloyd’s of London syndicate. However, the syndicate was closed last year after running up losses.
More recently the Standard Club has focused on growing through partnerships and joint ventures.
Last year, Standard Club Asia teamed up with China’s giant insurance group Ping An to establish a P&I insurance business.
Delay insurance provider the Strike Club has now been included in the Standard Club group of insurance companies.
In its latest financial earnings report, the Standard Club reported free reserves of $435m and an insured fleet of 155m gt.
