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Business & Economy

North P&I creates ‘distinctive maritime force’ with NorthStandard merger

A Newcastle-headquartered global shipping and marine insurer has completed a merger.

North P&I has joined forces with Standard Club to create NorthStandard.

Bosses say the partnership, announced last year, has created “one of the world’s largest providers of mutual maritime cover”, with premium income of around $800 million and more than 390 million gross tonnes of owned and chartered tonnage on its books.

It has also united two North East firms, with Standard Club understood to have been founded by Northumberland-born Charles Taylor, who operated out of Sunderland before moving to the capital.

The new group is led by managing directors Paul Jennings and Jeremy Grose, who were formerly chief executives at North P&I and Standard Club, respectively.

With joint headquarters in Newcastle and London, and offices throughout Europe, Asia and the Americas, NorthStandard employs more than 700 people and brings together more than 300 years of P&I heritage.

Paul said: “This is a truly exciting moment for service-led P&I, as we launch NorthStandard and announce the leadership team entrusted with ensuring members worldwide experience greater value, certainty, choice, responsiveness and easier access to unrivalled expertise.

“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.”

Jeremy added: “Eleven months on from our first public announcement, the successful launch of NorthStandard creates a fresh and distinctive force in marine insurance.

“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.”

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.

North’s total premium income for 2022/23 rose to more than $445 million, with combined renewed tonnage at February 20, 2023 estimated to be approximately 240 million gross tonnes.

Standard Club saw total premiums rise to $350 million, and combined owned and chartered renewed tonnage at February 20, 2023 of approximately 155 million gross tonnes.