The Standard Club Asia, managed by Charles Taylor Mutual Management (Asia), has entered into a cooperation agreement with Ping An Property & Casualty Insurance Company of China, a subsidiary of the Ping An Insurance (Group) Company of China.
Under the terms of the agreement, Standard Asia and Ping An P&C will jointly offer Protection and Indemnity (P&I) cover to China’s rapidly growing shipowning sector, with a focus on owners undertaking oceangoing voyages.
For Ping An P&C, the agreement will allow the company to expand its existing P&I business to cover the growing number of Chinese shipowners with oceangoing shipping operations.
For Standard Asia and its management team from Charles Taylor, the agreement represents a significant milestone in its growth ambitions in China, the world’s second largest shipowning country.
Mr Jeremy Grose, chairman of Charles Taylor Mutual Management (Asia), said, “Standard Asia is a fully-fledged Asian P&I insurer based in the region for more than 20 years with its own Asian shipowner board of directors providing oversight. This move signals our next phase of growth in China, a market we see as being a key pillar supporting the long-term growth of the Standard Group.
“This strategic agreement follows similar successful collaborations the Club has with Tokio Marine & Nichido Fire Insurance and the Korea P&I Club. Standard Asia has over 40 staff spanning its Singapore and Hong Kong offices which, in conjunction with the insurance expertise of our partners at Ping An, will allow us to offer a truly localised service to Chinese shipowners. Additional support is provided by Charles Taylor’s network of offices in key global and regional hubs including Shanghai, Tokyo, Jakarta and Perth.”
The Standard Club is a mutual insurance association and is a member of the International Group of P&I Clubs.