Approval is given to merging North and Standard Club after separate member meetings resoundingly back plans to create one of the largest providers of mutual cover in the maritime industries.
oth clubs held special general meetings on May 27th to approve the proposal to merge the two organisations into a single mutual insurer.
This gives the greenlight to establish NorthStandard as a unified club in time for 20th February 2023, next year’s renewal date. The merger remains subject to the approval of all the appropriate regulatory authorities.
The merger will create one of the largest providers of mutual cover in the maritime industries with consolidated annual premiums of around US$750 million. The new organisation will be jointly led by Jeremy Grose, Standard Club CEO, and Paul Jennings, CEO at North.
NorthStandard will be a major new force in marine insurance, delivering the resilience members need from their P&I partners to meet the challenges and competitive landscape of a changing shipping world
In addition, Mr. Jennings noted that “members welcomed the proposal on the grounds that it would reinforce stability and strengthen competition in the P&I sector and encourage innovation and drive further product diversification.”