4 Sep 2007 07:00
4 September 2007 Charles Taylor Consulting plc New Insurance Mutual Commences Underwriting
Charles Taylor Consulting ("CTC"), a leading global provider of management, adjusting and claims services to the insurance sector, is pleased to announce that, following authorisation from the UK Financial Services Authority, the Fire and Rescue Authority Mutual Limited (FRAML) managed by a Charles Taylor Consulting company, commenced underwriting on 1 September 2007.
This insurance company, backed by initial capital provided by its members, currently involves nine UK Fire and Rescue authorities, with the intention of recruiting further members. It is the second mutual insurance association to result directly from the Government's Gershon initiative to encourage cost efficiencies in local government, the first having being the London Authorities Mutual Ltd, which started operations in April and is also managed by CTC.
CTC plans to be involved in further developments of other new mutual insurance companies in the public sector to add to its traditional strengths in the management of mutual insurance companies in the marine sector.
John Rowe, Chief Executive of CTC said:
"This is the second authorised mutual we have been instrumental in creating for the public sector in the last six months. Such vehicles are expected to deliver budgetary savings, reduce costs associated with insurance purchasing whilst also maximising the financial advantage of managing risks pro-actively and effectively".
For more information, please contact:
Charles Taylor Consulting plc www.charlestaylorconsulting.com John Rowe, 020 7759 4903Chairman & Chief Executive Martin Fone, 020 7759 4973Chief Executive and Senior Underwriter of Non-Marine Mutual Department Smithfield Consultants Limited 020 7360 4900
Reg Hoare/Katie Hunt
CHARLES TAYLOR CONSULTING PLC