12 Mar 2015 07:00
Date: 12 March 2015
On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")
For immediate release
Charles Taylor plc
Charles Taylor Managing Agency obtains regulatory approval
Charles Taylor has received regulatory approval from the PRA, the FCA and Lloyd's to launch a Managing Agent. In addition, Lloyd's has approved Charles Taylor Managing Agency (CTMA) to manage syndicate 1884. CTMA's strategy is to extend its syndicate management capability to further new Lloyd's start-ups.
The launch of Charles Taylor Managing Agency is expected to be modestly earnings-enhancing in the current year.
Christian Schirmer, Chief Executive Officer, CTMA, said:
"New syndicates entering the Lloyd's insurance market will generally appoint an approved turn-key managing agent, to provide them with all of the management oversight and services they require to operate in the Lloyd's market. I am particularly pleased that syndicate 1884 has chosen CTMA as its managing agent.
"We intend that CTMA will provide turn-key syndicate management to additional new syndicates entering Lloyd's in the future. This will supplement the few managing agents that currently focus on turn-key management and we believe there will be a significant demand for our services.
David Marock, Group Chief Executive Officer, Charles Taylor plc said:
"The launch of CTMA marks another important step in delivering our growth strategy by building the breadth of professional management services we offer to insurance markets. We have deep experience of working in the Lloyd's Market where we offer highly technical skills coupled with a commitment to excellence. We are confident that CTMA will offer exceptional management to new entrants to the Lloyd's market."
-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 1,200 staff in 62 offices spread across 27 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.