NorthStandard has announced an expanded partnership with Noord Nederlandsche P&I Club (NNPC), reinforcing a long-standing relationship between the two mutual insurers.
The new agreement establishes NorthStandard as NNPC’s exclusive reinsurer and supports NNPC’s plans for growth and diversification through enhanced products and services backed by NorthStandard.
The partnership, signed during a ceremony in Newcastle, builds on the collaboration between NorthStandard and NNPC, which began in 2008. The agreement aims to deliver additional value to NNPC’s members and clients while strengthening its position in the Northern European coastal insurance sector.
Rob Beets (pictured above, left), chairman of the board of directors at NNPC, said the partnership aligns with the company’s vision for the future.
“Building on the success of our shared history and vision for the future we are pleased to formalize our partnership with NorthStandard, with full confidence that the relationship will help NNPC realize its long-term growth and diversification ambitions,” Beets said.
Jeremy Grose (pictured above, right), managing director at NorthStandard, emphasized the shared objectives of the partnership.
“We are delighted to formalize this new partnership with NNPC and build on a collaboration that began over 15 years ago,” Grose said. “We look forward to working with the NNPC team to achieve our shared long-term growth targets and securing a partner on the European continent.”
The agreement formalizes a cooperative framework aimed at enhancing product offerings and strengthening both insurers’ presence in their respective markets.
Earlier this month, the marine insurer reported a return to a high claims environment, with multiple large claims exceeding $1 million affecting its financial results.
According to NorthStandard, this increase stems from a larger number and higher value of pool claims reported this year, including several claims specific to the club.
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