Formal approvals keep NorthStandard merger plan on course

(Posted on 14/10/22)

NorthStandard’s planned launch on 20th February 2023 will immediately see the merged organisation becoming one of the largest providers of mutual cover in the maritime industries, with over 300 years of shared P&I heritage and consolidated annual premiums of around US$750 million.

Jeremy Grose, Standard Club CEO, and Paul Jennings, CEO at North, said that the new organization will bring together some of the most respected expert teams in global maritime risk management.

“The approval from several regulatory and competition authorities in key regions around the world is a major step towards enabling our plans as NorthStandard to offer a competitive range of high-quality services to our members and brokers”, said Grose.

“As NorthStandard, we will be able to fully realise the benefits of the merger, reinforcing financial stability and strengthening competition in the sector through our commitment to service excellence and developing new commercial opportunities through a portfolio of diversified product lines, scale economies and global reach,” said Jennings. “In another complex and demanding year for shipping, we are delighted the combined club is on course to come to market as originally scheduled on 20th February 2023.”

“NorthStandard will bring together two unique advocates of mutuality working within the International Group of P&I Clubs, whose complementary cultures, ambitions and approaches are expected to deliver added value for all Members”, said Grose. “The merger will allow us to work together with our colleagues from North to shape an organization to meet the challenges of a changing shipping world.”

Jennings emphasized that the scale of NorthStandard would attract and retain even more of the best people talent, helping the combined club deliver the highest levels of service, driving innovation and identifying new opportunities for diversification.

“NorthStandard will be a major new force in marine insurance, delivering the financial and operational resilience members need from their P&I partners to meet the industry’s pressing challenges,” he said.

Latest News

Posidonia 2026 takes centre stage amid global freedom of navigation challenges

From insurance and risk management to energy transition, digitalisation and maritime security, the Posidonia... Read more

First maritime compliance & prevention-focused organisation, PaS, joins DBCE

Prevention at Sea (PaS), a leading maritime compliance, auditing, and digital solutions provider, has... Read more

NorthStandard reports strong results and strategic momentum

NorthStandard has reported strong financial results, continued strategic progress and enhanced support... Read more

Latest guidance for vessel transit through Strait of Hormuz

Hundreds of vessels remain unable to transit the Strait of Hormuz and, in the event of a return to more... Read more

The Bahamas regains QUALSHIP 21 eligibility

The Bahamas has regained eligibility for the United States Coast Guard’s QUALSHIP 21 programme... Read more

First dedicated STS standard for dry bulk released by INTERCARGO

Ship to ship (STS) transfers are an established part of dry bulk operations, and they are growing. As... Read more

Columbia reinforces commitment to maritime talent

Columbia Group has strengthened its commitment to developing the next generation of maritime professionals... Read more

Jamaica marks 50 years at IMO with call for island states to shape future

The Maritime Authority of Jamaica has marked Jamaica’s 50th anniversary as a member of the International... Read more

Costamare Bulkers logs first profit after Cargill deal removes most legacy trading

Costamare Bulkers Holdings Limited has reported unaudited financial results for the first quarter ended... Read more

NORDEN strengthens fleet with the addition of four Handysize vessels

NORDEN have announced that they have expanded their fleet with the purchase of four dry cargo Handysize... Read more