NORTHSTANDARD has officially opened for business after the merger of P&I clubs North and Standard Club.
The new entity is headquartered in the UK and has offices throughout Europe, Asia and the America. According to a press release, it is one of the largest providers of mutual maritime cover.
NorthStandard has more than 390 million gross tonnes of owned and chartered tonnage on its books. It consolidates annual premiums of around US$800 million, employs more than 700 people and brings together over 300 years of P&I heritage.
NorthStandard will be led by managing directors Jeremy Grose and Paul Jennings –previously CEOs of the Standard Club and North, respectively.
“Eleven months on from our first public announcement, the successful launch of NorthStandard creates a fresh and distinctive force in marine insurance,” Mr Grose said.
“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.”
S&P Global confirmed that NorthStandard has an enhanced A rating with stable outlook based on its competitive position, financial strength, AAA capital adequacy and sound balance-sheet risk management.
Mr Grose said, “this improved rating assessment from S&P confirms that NorthStandard has the financial resilience and certainty members need from their P&I partner in 2023 and beyond.”
