The Standard Club Asia Ltd and Ping An Property & Casualty Insurance Company of China, Ltd collaborate to underwrite P&I risks fo world’s second-largest ship owning country The Standard Club Asia Ltd (“Standard Asia”), managed by Charles Taylor Mutual Management (Asia) Pte Ltd, yesterday entered into a co-operation agreement with Ping An Property & Casualty Insurance Company of China, Ltd (“Ping An P&C”), a subsidiary of the Ping An Insurance (Group) Company of China, Ltd (“Ping An”).
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 ocean-going 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 ocean-going shipping operations.
Ting Xu, Executive Vice President of Ping An P&C, said: “We are pleased to sign this co-operation agreement with Standard Asia. We know Standard Club as a leading member of the International Group of P&I clubs, and its Asian subsidiary, Standard Asia, has had a remarkable track record of service and commitment in Asia over the past two decades.
“Standard Asia has significant ambitions to extend its services in China and we also know that the Club,via its management company Charles Taylor, has access to an excellent international network of offices and associates in every part of the globe. We look forward to working with Standard Asia.”
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.
David Roberts, Managing Director of Standard Asia, and Ms Jane Lee, General Manager, Reinsurance Department of Ping An P&C, attended the Signing Ceremony.