Insurance services firm Charles Taylor will acquire three management companies from Bermuda-based SC Management.
The SC Management companies currently manage The Strike Club, a marine mutual insurance group that is fully owned by its members, which Charles Taylor will take over management for.
In addition, a new management contract for The Strike Club has been signed with Charles Taylor & Co (Bermuda).
The employees of the acquired companies will join Charles Taylor on completion and Bill Milligan, chief executive officer (CEO) of SC Management, will continue to manage and develop The Strike Club with Charles Taylor.
Jeremy Grose, CEO of Charles Taylor Management Services (UK & International), said: “The Strike Club has an excellent reputation as the leading marine mutual insurer providing delay cover.
“I am delighted that the board of The Strike Club has awarded its management contract to Charles Taylor. Combining our skills in marine mutual management with The Strike Club’s expertise in delay insurance will enable us to extend the services available to The Strike Club’s members, underpinned by the excellent levels of service that are the hallmark of mutual insurance.”
Johan Hagn-Meincke, president and chairman of The Strike Club, said: “We aim to build on The Strike Club’s existing excellent reputation for delivering high levels of service to its members backed by technical expertise and financial strength, while preserving its mutual ethos and ownership structure. We are confident that, working with Charles Taylor’s Management Services team along with Bill Milligan and his team, The Strike Club will go from strength to strength.”
David Marock, CEO of Charles Taylor, added: "We have been actively seeking opportunities to grow our Management Services business. This acquisition provides us with the opportunity to manage another well-regarded mutual insurance company, The Strike Club, and is an important step in implementing our wider growth strategy.
“The acquisition and associated management contract would not have been possible without the full support of the board of The Strike Club. I would like to thank Johan Hagn-Meincke and the rest of The Strike Club board for selecting Charles Taylor to manage the Club and support its long-term success.”
Charles Taylor, Europe, Bermuda, SC Management, The Strike Club