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Premia subsidiary acquiring Charles Taylor Managing Agency

Charles Taylor Managing Agency is being acquired by a subsidiary of Bermuda-based Premia Holdings Ltd.

Charles Taylor PLC and The Standard Club Ltd. said the sale also involves Charles Taylor Managing Agency's associated companies, including The Standard Syndicate Services Ltd. and The Standard Syndicate Services Asia Pte. Ltd., as well as the Lloyd's of London corporate names.

The acquisition of the managing agency will allow Premia to establish a dedicated legacy platform in the Lloyd's market. All Charles Taylor Managing Agency staff will transfer to the new business. Premia is fully committed to providing continuity to the run-off of Syndicate 1884, according to a statement.

The financial terms of the transaction, which is subject to regulatory approval, are not being disclosed. Charles Taylor and The Standard Club were advised by Willis Re Corporate Solutions.