VIDEO: NorthStandard P&I merger set to triggerWritten by Marine Log Staff
The merger of two major players in the marine mutual insurance market — North P&I and Standard Club — is set to come into effect on February 20, establishing NorthStandard as one of the world’s largest providers of mutual maritime cover.
The clubs say that with all legal, regulatory and competition approvals from the relevant authorities in place, and with members of both clubs having approved the creation of NorthStandard in May 2022, the path is now clear for the merger to proceed as planned.
For the 2023/24 Policy Year, members of Standard Club and North will renew into their existing insurance entities, with 2023/24 certificates and documentation retaining current Standard Club and North branding. However, members of both clubs will become corporate members of NorthStandard on 20 February 2023 and have a common NorthStandard policy from February 20, 2024.
With over 300 years of combined P&I heritage and consolidated annual premiums of approximately $750 million, NorthStandard will be led by Jeremy Grose, Standard Club CEO, and Paul Jennings, CEO at North.
“With the formal merger date rapidly approaching, both clubs stand on the cusp of a fantastic opportunity through the formation of NorthStandard,” said Grose. “Thanks to its scale, the organization will represent a significant new force in marine insurance, delivering the resilience members need from their P&I partner to meet the challenges and seize the opportunities of a rapidly changing shipping world. We are looking forward to working with our members and clients, as NorthStandard, with broader skills and expertise, product range, global network and financial resilience. The launch on February 20, 2023 means a new name and look for us, but more importantly, even better service, support and cover for our members, brokers and clients worldwide,” he added.
“We have been laying the foundations for this service and support to help ensure that NorthStandard delivers greater value, certainty, choice, responsiveness and flexibility, as well as easier access to our unrivaled expertise,“ said Jennings.
Among the many strategic and operational benefits, the merger brings for both North and Standard Club, added Jennings, is an expanded pool of talent.
“Our service-led approach, highly valued by members, hinges on our people. The formation of NorthStandard will support the recruitment and retention of the most talented individuals, helping us to deliver the highest levels of service, drive innovation and identify new opportunities for diversification. NorthStandard is fortunate to have such a strong pool of talent and will be the P&I mutual of choice for people – offering more options, opportunities and flexibility while retaining a long-established family ethos and culture.”