Charles Taylor Acquires SC Management Companies

Charles Taylor announced today that it has entered into an agreement to acquire three of the operating companies of SC Management, the independent, dedicated management companies of The Strike Club. In connection with this acquisition, which is subject to regulatory approvals, Charles Taylor will take over the management of The Strike Club.  This development is part of Charles Taylor’s strategy to achieve growth by agreeing management contracts with mutual insurance companies.

The Strike Club is a marine mutual insurance group that is fully owned by its members.  It is the only dedicated mutual insurer covering the running costs of vessels delayed by strikes, shore delays, collisions, groundings and other incidents outside an owner's or charterer's control. In addition to mutual delay cover, it also offers war and loss of earnings cover on a fixed premium basis. It offers comprehensive, cost-effective cover backed by excellent service.

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 of SC Management, will continue to manage and develop The Strike Club with Charles Taylor.

Jeremy Grose, Chief Executive Officer, 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 of Clipper Group A/S, 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, Group Chief Executive Officer, Charles Taylor said: "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.”