The Standard Syndicate commences underwriting at Lloyd’s
01 April 2015
The Standard Syndicate (Syndicate 1884) has commenced underwriting and has already underwritten a number of risks incepting today, 1 April.
The syndicate focuses on providing a broad range of covers to the marine and marine energy industry sectors. The syndicate has attracted strong interest from ship owners in its initial marketing. It expects to bind a significant number of risks on its first day of operation, and plans to bring new business to Lloyd‟s.
The Standard Syndicate is managed by Charles Taylor Managing Agency Ltd. It offers a range of marine and marine energy covers:
- Hull: Hull and machinery cover for container, passenger, ferry and cargo vessels, small ships, ferries and yachts.
- Energy: Physical damage cover for marine energy businesses covering mobile and fixed platforms and associated onshore facilities.
- Liability: Marine energy related non-P&I liabilities, fault-based liabilities for port & terminal operators, and various other liabilities.
- Property: Ports and terminals, warehouses and other storage facilities including goods stored and marine related „dry‟ premises.
- Cargo & Specie: General and specialist cargo and specie.
- Corporate lines: Marine D&O and E&O cover.
Robert Dorey, Active Underwriter, The Standard Syndicate said:
“The Standard Syndicate brings a single-minded focus on marine and energy underwriting, in-depth market expertise and a broad range of covers to the Lloyd's market.
“The syndicate has been established by The Standard Club, a leading marine protection and
indemnity (P&I) mutual insurer. Through the club, we have been underwriting marine risks for over 130 years and energy risks for the last 40. The marine and energy experience derived from ship owners and energy operators that make up nearly 25% of the world's international fleet means we can focus on selecting and insuring the best risks and deliver a mutual style claims service that responds to market needs.
“We believe that we can bring new business to Lloyd's market, to benefit from the market's global reputation for outstanding insurance expertise and unparalleled financial strength. The early signs indicate there is a strong interest in our offering from ship owners who have previously placed their risks outside the Lloyd's market”.