Carina Q&A

The Deal

Tindall Riley (TR) has agreed to transfer its ownership of its Carina brand to the MECO Group (MECO).

 

About Carina

Carina is a Managing General Agent (MGA) operation established as part of TR in 2012 to provide fixed premium P&I cover to the owners of smaller ships. Carina is one of the most respected players in this specialised sector and managed by a professional and experienced management team that operates as an integral part of TR.

 

The Parties

Established in 1855, TR is one of the oldest P&I club managers. In addition to the Britannia P&I Club, TR also manages other specialist mutual assurance associations, for example, WREN and GRIFFIN.

MECO, established in 1974, is a London-headquartered MGA that owns and operates specialised marine insurance brands, notably Transmarine and The Charterers P&I Club.

 

Why is this happening?

Following a strategic review of its operations, TR has concluded that its core strength and capabilities lie in the management of mutual assurance associations (Clubs). Both TR and the management of Carina feel that the future of Carina as a product will be best served as part of a dedicated MGA operation such as MECO, where there will be no philosophical clash with the ethos of a Club.

 

How was MECO chosen?

The MECO group is one of the longest established and respected marine MGA in the London market. TR has invested significantly in the success of Carina and the Carina team were an integral part of TR’s London operations. MECO was selected by TR as a specialised MGA that understands the core values of both TR and Carina and as one that will provide a new home enabling the Carina team to flourish.

 

When will this happen?

The agreement for the transfer has been signed by the parties, but the transfer will only take place when all the requisite underwriting and regulatory approvals have been received, which should hopefully be before the end of 2018.

 

So what will change?

In practical terms very little; MECO has agreed to preserve the Carina brand, which will operate as part of MECO alongside its other brands. The Carina team will transfer to MECO’s London office early in the New Year and will continue to operate as they currently do, but as part of MECO, not TR. The delegated underwriting arrangements under which Carina trades will continue in full force and effect.

 

What happens to my policy?

There are no changes to the policy. The Carina Terms and Conditions remain unaltered and your existing policy of insurance is unaffected. Your policy will continue to be dealt with by the Carina team that you usually deal with. The only change that you will see will be to the Carina brand, which will be given a new colour and logo, to identify its new status as a MECO brand.

 

Who will I be dealing with?

The existing Carina team will be operating as part of MECO and will continue to be responsible for day-to-day contact with current Carina clients and intermediaries.

 

New roles for key Carina staff

  • Justin Skinner is appointed to the MECO Board and will be the London Underwriting Director for all MECO’s marine liability brands.
  • Julie Page will be the Class Underwriter for Carina and Mark Esdale the Deputy Class Underwriter for Carina
  • Joe Salem will be the Carina Claims Manager.

 

How will policies be administered?

Once all regulatory and underwriting approvals are received, MECO will become the Coverholder and will fully assume all TR’s responsibilities for the handling and administration of all current Carina business, together with all prior years. In due course, detailed guidance will be issued as to how this will work in practice.

 

Is there a new website?

Yes, there will be a new Carina website available on the MECO domain once the transfer is completed.

 

What other changes are likely?

Other than new branding and a new image for Carina it’s very much business as usual.

We are working on new computer systems and a new online presence which will assist the administration of policies and we will start rolling this out in 2019. There are no other changes likely and the existing Carina staff will continue to administer your relationship and policies of insurance from the MECO office.

 

Should you have any queries please contact:

Chris Else   celse@themecogroup.co.uk   +44 7785 244866
Gavin Ritchie   gritchie@themecogroup.co.uk   +44 7768 400487

 

A joint press release issued by the MECO Group and Tindall Riley can be found here:

https://www.themecogroup.co.uk/carina-press-release/

London, 6 December 2018