Approvals from Competition and Regulatory Authorities mark a major step in plan to merge North and Standard Club and establish NorthStandard.
NorthStandard’s planned launch on 20th February 2023 will see the merged organisation becoming one of the largest providers of mutual cover in the maritime industries.
The approval from several regulatory and competition authorities in key regions around the world is a major step towards enabling our plans as NorthStandard to offer a competitive range of high-quality services to our members and brokers
Jeremy Grose, Standard Club CEO, said.
Furthermore, Paul Jennings, CEO at North, added that “NorthStandard will be able to fully realise the benefits of the merger, reinforcing financial stability and strengthening competition in the sector through our commitment to service excellence and developing new commercial opportunities through a portfolio of diversified product lines, scale economies and global reach.”
Mr. Jennings also emphasized that the scale of NorthStandard would attract and retain even more of the best people talent, helping the combined club deliver the highest levels of service, driving innovation and identifying new opportunities for diversification.
NorthStandard will be a major new force in marine insurance, delivering the financial and operational resilience members need from their P&I partners to meet the industry’s pressing challenges
he concluded.
