Standard Club informed members yesterday November 21st that at its meeting on November 15th and 16th the committee had reviewed London Class’s financial position, the open policy years, and the requirements for the 2019 renewal.
It confirmed that release calls would remain at nil and no supplementary calls were expected on any open year.
Members with satisfactory records and risk profiles would be offered renewal on an as expiring basis inclusive of reinsurance costs. A nil release call would be set.
- No general increase
- Accounts with adverse records or unacceptable risk profiles would, as usual, be subject to individual negotiation
- Nil release call for the 2019/20 policy year
As had been previously advised, in response to the UK’s decision to exit the EU the club has applied to the Central Bank of Ireland for approval to set up a new subsidiary, The Standard Club Ireland DAC. The Club said that members of the London Class would be affected by these changes at renewal and the managers would provide more information in due course.