North and Standard Club have received all the required formal approvals to finalise their merger and establish NorthStandard on 20 February 2023 as one of the world’s largest providers of mutual maritime cover.
North and Standard Club have received legal, regulatory and competition approvals from the relevant authorities ahead of their proposed merger on 20 February 2023. 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.
Upon launch, NorthStandard will immediately become one of the largest providers of mutual cover in the maritime industries, with over 300 years of combined P&I heritage and consolidated annual premiums of approximately US$750 million. It 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 organisation 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 20 February 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.
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 20 February 2024.
“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 unrivalled 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.”
More information on the clubs’ merger plans will be shared in the coming weeks and months and a recent video update from Paul Jennings and Jeremy Grose is available here on the North website and here on the Standard Club website.
Source: North P&I Club