3 Mar 2015 07:00
Date: 3 March 2015
On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")
Embargoed until: 0700hrs
Charles Taylor plc
Completion of the acquisition of The Strike Club management companies
Further to the announcement on 26 February 2015, the Company announces that its subsidiary, Charles Taylor Vesta Limited, has completed the acquisition of three of the SC Management group's ("SC Management") operating companies from its shareholders, SCE Establishment Liechtenstein and S.C. Management (Bermuda) Ltd (the "Acquisition").
SC Management is the independent third-party manager of The Strike Club group ("The Strike Club"), a group of 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.
David Marock, Group Chief Executive Officer, Charles Taylor said: "The completion of this acquisition marks another important step in delivering our growth strategy of 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 group, and is an important step in implementing our wider growth strategy."
-ENDS-
For further information: | |
Charles Taylor plc | |
David Marock, Group Chief Executive Officer | |
Mike Lord, Group Communications Director
| Via Redleaf Polhill |
Redleaf Polhill | ct@redleafpr.com |
Rebecca Sanders-Hewett Charlie Geller David Ison
| 020 7382 4730 |
Notes to editors
Charles Taylor plc is a leading provider of professional services to clients across the global insurance market. The Group has been providing services since 1884 and today employs over 1,000 staff in 61 offices spread across 26 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.
The Group offers services, principally on a fee-based model and operates through three businesses - Management, Adjusting and Insurance Support Services. Charles Taylor also owns insurers, creating value through select acquisitions and operational efficiency.
Further information is available at www.ctplc.com
Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.