NorthStandard annual review figures verify value of scale and reach
(Posted on 31/05/24)
Global marine insurer, NorthStandard, recorded increases in premium income, investment returns, and free reserves for the 2023/24 policy year. The combined net ratio, used to measure underwriting performance, also improved from the previous year.
With its enhanced ‘A’ stable rating from S&P, NorthStandard is now one of the world’s largest providers of mutual maritime cover. At the February 2024 renewal date, mutual poolable tonnage increased to over 260 million GT.
NorthStandard’s Annual Review confirmed premium income increased to US$836 million in 2023/24, following the merger of North P&I and The Standard Club in February 2023. This is a significant increase compared to a consolidated premium of US$796 million in 2022/23 and US$700 million in 2021/22. It also recorded a positive 4.9% annual return on investments.
The solid financial performance was confirmed in a sharp increase in free reserves, which reached US$803 million at 20 February 2024, against US$686 million the year before. Net combined ratio performance continued to improve, standing at 93% for the year against the 95% recorded last year.
“Financial stability and resilience in P&I provide the basis for shipping to trade with confidence and this is a robust set of figures “said Cesare d’Amico, Chair, NorthStandard.
Jeremy Grose, Managing Director, NorthStandard, said the club’s six geographically structured ‘bluewater’ sectors delivered positively against targets.
“Confidence in the club was shown with the addition of six new ‘bluewater’ mutual members as of 20 February, while 180 additional ships have been committed, either as of renewal or as new builds and acquisitions due for delivery during the current Policy Year,” he said.
Grose reiterated that the club would continue to offset mutual P&I volatility by strategically building its diversified Specialty business across its Coastal & Inland, Strike & Delay, Offshore & Renewables, Hull & War, Fishing & Small Vessel and Aquaculture sectors. This approach has led to an overall growth of almost 10% in Specialty premiums.
NorthStandard’s conservative investment policy remained “heavily weighted toward a fixed-income portfolio”, added Grose.
The club’s financial strength and stability are the basis of its continuing growth and development. In April 2024, the global office network expanded with the opening of NorthStandard Marine Consultants Korea Co., Ltd. in Seoul, South Korea.
Latest News
Industry urged to share knowledge in cases of seafarer criminalisation
(Posted on 20/01/25)InterManager, the international trade association for the ship management sector, is calling on shipping... Read more
INTERCARGO quality panel expansion enhances sector collaboration
(Posted on 19/01/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has announced a strategic development... Read more
DNV launches AROS
(Posted on 19/01/25)DNV has launched a new family of class notations, Autonomous and Remotely Operated Ships (AROS), providing... Read more
Dry bulk industry pays tribute to outgoing INTERCARGO Chairman Dimitri Fafalios
(Posted on 10/01/25)Leading figures across the dry bulk shipping sector have joined in paying tribute to Dimitri Fafalios... Read more
IMO Secretary-General sets his priorities for 2025 in new year message
(Posted on 07/01/25)International Maritime Organization (IMO) Secretary-General Arsenio Dominguez has highlighted key items... Read more
Anemoi’s Vale VLOC Rotor Sails installation is largest wind-propulsion project to date
(Posted on 17/12/24)Anemoi Marine Technologies has completed the installation of five Rotor Sails onboard the 400,000 dwt... Read more
Partnership to provide crews with seamless Data Roaming experience
(Posted on 17/12/24)ShipMoney, a leader in digital payment solutions, has announced its partnership with Megga Telecom,... Read more
Thordon’s water-lubricated shaft bearings selected for bulk carrier refit
(Posted on 11/12/24)Thordon Bearings has delivered COMPAC water-lubricated propeller shaft and SXL rudder bearings to replace... Read more
DNV: cost-efficient strategies can cut price of FuelEU Maritime compliance
(Posted on 11/12/24)According to a new DNV white paper outlining FuelEU Maritime requirements and compliance strategies... Read more
Roadmap for Nordic Shipping’s fuel transition delivered to ministers
(Posted on 04/12/24)The Nordic Roadmap project has unveiled the Fuel Transition Roadmap for Nordic Shipping (‘the... Read more
