Formal approvals keep merger plan on course to establish NorthStandard as marine insurance major
Approvals from Competition and Regulatory Authorities are a major step in plan to merge North and Standard Club and establish NorthStandard.
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 key 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.
Source: Standard Club