NorthStandard achieved its first objective of completing its formal launch on the P&I industry’s 20 February renewal date, opening for business by announcing the team to lead it into a new era for marine insurance.
Launched today from headquarters in the UK, and with offices throughout Europe, Asia and the Americas, NorthStandard, formed through the merger of North and Standard Club, immediately becomes one of the world’s largest providers of mutual maritime cover.
With over 390 million GT of owned and chartered tonnage on its books, the new entity consolidates annual premiums of around US$800 million, employs over 700 people and brings together over 300 years of P&I heritage.
As expected, NorthStandard will be led by Managing Directors Jeremy Grose and Paul Jennings – respectively previously CEOs of the Standard Club and North legacy organisations.
“Eleven months on from our first public announcement, the successful launch of NorthStandard creates a fresh and distinctive force in marine insurance,” said Grose.
Building on scale, comprehensive services and the depth of our talent pool, NorthStandard provides the resilience members need from their P&I partner to meet the shipping world’s challenges and opportunities. We are fully prepared to deliver even better service, support and cover than ever.
Earlier today, S&P Global confirmed that NorthStandard, formed from the merger of two A-rated clubs, has been given an enhanced ‘A’ rating with stable outlook based on its competitive position, financial strength, ‘AAA’ capital adequacy and sound balance-sheet risk management.
Grose commented, “this improved rating assessment from S&P confirms that NorthStandard has the financial resilience and certainty members need from their P&I partner in 2023 and beyond.”
NorthStandard will also be the P&I mutual of choice as an employer because its unique blend of service scope, influence, flexibility and innovation will co-exist with the family ethos and culture on which both North and Standard Club built their reputations.
..said Jennings.
In their final renewal statements as separate entities, North P&I and Standard Club reported resilient performances through another extraordinary year of challenge for the maritime industries. Both clubs are expecting positive combined ratios and stable levels of capital, notwithstanding losses across their investment portfolios given the turbulence in financial markets over the last year.
