Marine mutual insurer The Strike Club and The Standard Club are seeking a merger.
Under the terms of the deal, The Strike Club would become part of The Standard Club and remain a member-controlled dedicated mutual delay insurer.
The Strike Club's assets and liabilities would be integrated into The Standard Club. The Strike Club would keep its brand and will continue to be supervised by its board, which would become a committee of The Standard Club. Approximately 200 new members would be introduced to The Standard Club.
The transaction is expected to take place Feb. 20, 2019, subject to regulatory and member approval.
The Strike Club comprises Luxembourg-based Shipowners' Mutual Strike Insurance Association Europe, The Shipowners' Mutual Strike Association (Bermuda) Ltd and The Shipowners' Mutual Strike Insurance Association (Bermuda) Ltd. The Standard Club (Europe) Ltd. and The Standard Club (Asia) Ltd. operate as units of The Standard Steamship Owners' Protection and Indemnity Association (Bermuda) Ltd.
Both The Strike Club and The Standard Club are managed by companies within the Charles Taylor group.