The Standard Club is splitting from its parent Charles Taylor, taking core management operations in house.
The transition to going solo for the P&I club will be completed by August next year.
Charles Taylor will continue to provide a range of support services including the club’s technology infrastructure and services, investment management, internal audit and other support services under multi-year contracts. Charles Taylor Group companies will also be key providers to the club and its members for loss adjusting, medical assistance, marine technical and club correspondent services. The club will continue to be one of Charles Taylor’s largest clients.
Jeremy Grose, chief executive of the Standard Club, commented: “While members and brokers will notice no difference in their normal dealings with the club, we believe that this new model will strengthen the club’s governance to their long-term benefit.”
More than 200 Charles Taylor employees will ultimately transition over to the Standard Club within the next year.