Global law firm Norton Rose Fulbright has jointly advised Charles Taylor PLC and The Standard Club Ltd on the sale of Charles Taylor Managing Agency (CTMA) to Bermuda-based legacy specialist Premia Holdings.
CTMA has developed a strong reputation as a Lloyd’s managing agent which provides end-to-end management services to Lloyd’s syndicates. The sale of CTMA remains subject to regulatory approval.
The sale of CTMA involves its associated companies, including The Standard Syndicate Services Limited and The Standard Syndicate Services Asia Pte Ltd, as well as the Lloyd’s corporate names owned by The Standard Club and Charles Taylor. CTMA will continue to provide services to support Premia as they develop their new business.
The Norton Rose Fulbright team which advised on the sale of CTMA was led by London- based corporate insurance partners David Whear and Matt Foster, supported by Simon Baker, David Bartlett and Hannah Butler alongside Michael Alliston and Andrew James who advised on tax related matters.
David Whear commented:
“We are delighted to have advised Charles Taylor and The Standard Club on this transaction. The deal will enable both Charles Taylor and The Standard Club to have a clean exit from their joint investment in the managing agency and syndicate, whilst providing Premia with an opportunity to establish a dedicated legacy platform in the Lloyd’s market, with the acquired business expected to develop additional reinsurance to close and run-off solutions for legacy business in Lloyd’s.”
The transaction follows Norton Rose Fulbright’s successful completion earlier in the year of the sale by Munich Re of the Beaufort Managing Agency to Cincinnati Financial and underlines the continuing strength of the firm’s Lloyd’s practice which advises managing agencies, capital providers and investors in all aspects of business at Lloyd’s.