Charles Taylor reports “strong year” for Signal, but CT managing agency under review

Claims servicer, insurance manager and insurance technology business Charles Taylor has said that Signal Mutual, the largest provider of longshore workers’ compensation insurance to the US maritime industry, which Charles Taylor has managed since Signal was founded in 1986, had “a very strong year”.

Charles Taylor said that Signal enjoyed a very successful 2018/19 renewal in October 2018, with nearly 99% of members renewed. Member payroll, on which insurance premiums are based, was projected to exceed $4.4 bn, up nearly 3% on the prior year. This resulted in a projected advance call (premium income) of $209m for Signal.

Charles Taylor recently established a new programme, SafeShore Edge for Signal, which has been designed to cover employers in the middle market that do not qualify for entry into Signal Mutual. Four employers are already covered by SafeShore Edge and Charles Taylor said that there were plans to expand significantly in the next year.

Elsewhere, the company said that it was undertaking a strategic review of Charles Taylor Managing Agency. “The Standard Club’s decision to withdraw from underwriting at Lloyd’s has impacted the Group’s Lloyd’s managing agency business, which is jointly owned with The Standard Club. We are planning to conduct a strategic review of the managing agency”, the company said.

Of its insurance management business as a whole, the company said in its report on 2018 business that “Charles Taylor Insurance Management has longstanding, mutually-beneficial client relationships and the potential for steady growth. The business is performing steadily.”

At the annual P&I insurance renewal in February 2019, Charles Taylor noted that Standard Club renewed over 96% of its members. Total premium income was $290m and the club’s estimated free reserves were $436m.