North and Standard Club have received legal, regulatory and competition approvals from the relevant authorities ahead of their proposed merger on 20th February 2023.
NorthStandard will 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$75m. 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.”
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.
Members of both clubs will become corporate members of NorthStandard on 20th February 2023 and have a common NorthStandard policy from 20th February 2024.
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