APPROVALS from competition and regulatory authorities have moved forward a plan to merge P&I clubs North and Standard Club to establish NorthStandard.
The launch of NorthStandard is planned for 20 February next year. The organisation will have more than 300 years of shared P&I heritage and consolidated annual premiums of some US$750 million, according to a statement from the companies.
Standard Club CEO Jeremy Grose and North CEO Paul Jennings said the new organisation would 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,” Mr Grose said.
Mr Jennings said the merger would reinforce financial stability and strengthen competition in the sector.
“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,” he said.
Mr Grose said the new entity would bring together two unique advocates of mutuality working within the International Group of P&I Clubs.
“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,” he said.
North P&I provides various insurance services to more than 250 GT of owned and chartered tonnage.
The Standard Club has been in the business for more than 135 years. It claims to insure some 10% of the world fleet, including bluewater vessels, coastal and inland operators, and specialist offshore vessels.
