Charles Taylor takes over management of Strike Club - 16/03/2015

Three companies that run the Bermuda-domiciled Strike Club have been sold to London Stock Exchange-listed Charles Taylor, the only quoted protection-and-indemnity (P&I) club manager.

The deal completed earlier this week marks the latest development in the twin-track diversification of Charles Taylor and the Strike Club.

The Strike Club, chaired by Johan Hagn-Meincke of Clipper Group, has signed a management contract with Charles Taylor, which has a diversified range of businesses providing services to the insurance market.

Hagn-Meincke says he is confident “the Strike Club will go from strength of strength” under Charles Taylor management.

The Strike Club covers about 2,700 vessels of 120 million dwt against the cost of delays attributable to labour disputes or other landside issues and about 1,200 vessels of 50 million dwt against delays that arise from shipboard incidents. The club had reserves of about $35m, as of a year ago.

Prominent Strike Club members include Louis Dreyfus Armateurs, Bunge, Rickmers, Western Bulk, Leonhardt & Blumberg, Graig group, Pacific Direct Line, Furness Withy Chartering, Vrontados, NS United and Toko Kaiun Kaisha.

Charles Taylor is acquiring three SC Management companies involved in running the Strike Club from chief executive Bill Milligan, who will continue to develop the mutual following the change of management. Employees of the SC Management companies will also join Charles Taylor.

The Strike Club was founded as the Shipowners’ Mutual Strike Association nearly 60 years ago by John Laing, 92, an unstoppable marine-insurance entrepreneur and former shipowner who ran the Sunderland-based Neptune P&I Club in the 1930s and managed the Oceanus P&I club that failed in the 1980s. Subsequent ventures included a still-born fixed-premium scheme, Challenger, and Nimrod Correspondents, which was established about three years ago.

in www.tradewinds.com 06 March 2015

Retour