Standard Club is to insource and manage the day-to-day operations of the Club, while remaining one of the 10 largest clients of Charles Taylor.
The decision to create a new operating model for the club followed a review last year which took into account the club’s strategy, scale and evolving governance requirements. As a result, the club has decided to bring its core management operations in house.
The Club said that the change would “enable the club to insource and manage its day-to-day operations, while retaining the entrepreneurial and member-centric culture that, with the support of Charles Taylor, has led to its success over many decades”.
The transition will begin in July 2020 and will conclude in August 2021, subject to regulatory approvals.
More than 200 Charles Taylor employees will ultimately transition over to the Standard Club within the next year. Charles Taylor will also provide the Standard Club with an ‘advance team’ of 10 to 20 senior staff, who will be amongst the club’s first official employees to lead the technical build of the new operating model and to oversee day-to-day management. The remaining operations transitioning from Charles Taylor will take place within the next 12 to 15 months.
The same management team will remain in place, with the same individuals and teams carrying out core management, underwriting, claims handling, loss prevention, finance and control activities, as part of the club’s own organization.
Charles Taylor will provide a range of support services, including the club’s technology infrastructure and services, investment management, internal audit and other support services under multi-year contracts.
Charles Taylor Group companies will also be key providers to the club and its members for loss adjusting, medical assistance, marine technical and club correspondent services, meaning that Standard Club would continue to be one of Charles Taylor’s largest clients.
Standard Club CEO Jeremy Grose said that “while members and brokers will notice no difference in their normal dealings with the club, we believe that this new model will strengthen the club’s governance to their long-term benefit. We are excited about the future for the club and we are confident that the new operating model will fit the strategic needs of the club in the decades to come.”
Standard Club said that the new structure was designed to ensure stability and continuity for the teams serving the club and for the club’s members. Charles Taylor Global Chief Operating Officer Richard Yerbury said that “we are committed to ensuring a successful and smooth transition to the club’s new operating model and we look forward to supporting the continued success of the club over the years and decades to come”.