NorthStandard, which came to life in February 2023 by merging North P&I Club and the Standard Club, has reported strong renewal results for its first year of operation.
In a release, the global marine insurer said: “Premium revenues exceeded US$825 million for the insurance year ending February 20, 2024, against a combined US$796 million at the point of merger 12 months ago.
“The mutual poolable tonnage increased to 256 million gross tonnage as of February 20, 2024. Specialty business lines, which contribute about 20% of the club’s total premium income, also reported growth during the year.”
Headquartered in the UK, NorthStandard has offices throughout Europe, Asia, and the Americas and is one of the biggest providers of mutual maritime cover. Its expertise spans P&I (protection and indemnity), FD&D (freight, demurrage, and defence), war risks, strike and delay, hull and machinery, and ancillary insurance.
A member of the International Group of P&I Clubs, the insurer also provides cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels, and aquaculture through its Sunderland Marine and Coastal & Inland divisions.
Jeremy Grose (pictured), managing director at NorthStandard, commented: “The growth in NorthStandard’s tonnage and revenues confirmed that post-merger additions from new and existing members outweighed the effect of the collaborative rebalancing of tonnage from one or two large members.
“The last 12 months clearly demonstrate that the service benefits of our combined talents, enhanced resilience of scale, and continuing financial discipline are more than meeting member and customer expectations.”
Meanwhile NorthStandard chief underwriting officer Thya Kathiravel took the opportunity to express gratitude, saying: “We would like to thank our membership for their continuing support and commitment through the merger process and during the first year of NorthStandard.
“Underwriting performance remains both strong and stable with strong member confidence throughout the renewal discussions. The successful negotiations of a modest rise in premiums for 2024-25 are in line with our principles of fair and equitable mutuality.”
Paul Jennings, NorthStandard’s other managing director, had this to say: “Based on these excellent results, NorthStandard will continue to evolve its post-merger strategies on digitalisation, sustainability, portfolio diversification, and recruitment, and double down on efforts to help governments, regulators, and shipping understand each other’s challenges.”
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