CTMA places Standard Syndicate 1884 into run-off

Charles Taylor Managing Agency has placed Syndicate 1884, which is managed by the business, into run-off.

The Standard Syndicate 1884 offers marine and energy risks with a focus on providing a broad range of cover to the marine and energy industry sectors. The syndicate has been established by The Standard Club, a marine protection and indemnity (P&I) mutual insurer.

Syndicate 1884 offers a range of fixed premium insurance covers for property, casualty and liability risks.

Syndicate 1884’s principal capital provider has decided to withdraw from the Lloyd’s market for the 2019 underwriting year, according to a corporate statement. The syndicate will write live business for the remainder of 2018 and will enter run-off on 1 January 2019. Charles Taylor Managing Agency intends to manage the run-off of Syndicate 1884.

Charles Taylor Managing Agency is focused on developing its business as a provider of syndicate management and operations. The managing agency believes there will be increased demand for live and run-off syndicate management capabilities in the Lloyd’s market, which it is well-placed to meet.

Barnabas Hurst-Bannister, chairman, Charles Taylor Managing Agency said: “We are very confident in the prospects for Charles Taylor Managing Agency, both as a manager of live and runoff syndicates. We established the managing agency as a third-party syndicate manager in 2015 and developed up-to-the-minute systems and processes, designed specifically for that purpose.”

Jon Hancock, performance management director, Lloyd’s said: “Lloyd’s is pleased to continue to work with and support Charles Taylor Managing Agency. We are confident that Syndicate 1884 will be run-off in an orderly and professional manner and that policyholders’ interests will be protected.”

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