20 February 2024 – NorthStandard confirms strong renewal results across the board, in its first year of operation.
NorthStandard reports a rise in premium income with positive market responses to its post-merger scale and global operating structure, as well as its continuing service excellence.
Premium revenues exceeded $825 million for the insurance year ending 20 February 2024, against a combined $796 million at the point of merger 12 months ago. The mutual poolable tonnage increased to 256M GT as of 20 February 2024. Specialty business lines which contribute about 20% of the club’s total premium income also reported growth during the year.
“The growth in NorthStandard’s tonnage and revenues confirmed that post-merger additions from new and existing members outweighed the effect of the collaborative rebalancing of tonnage from one or two large members,” said Jeremy Grose, Managing Director, NorthStandard.
“The last 12 months clearly demonstrate that the service benefits of our combined talents, enhanced resilience of scale and continuing financial discipline are more than meeting member and customer expectations.” said Grose.
Within the year-end results, NorthStandard is expecting to report an underwriting surplus and a sub-100% combined ratio, with a positive investment return adding to the club’s free reserves. The positive outcome follows on from a 95% combined ratio figure posted for the 2022-2023 year.
“We would like to thank our membership for their continuing support and commitment through the merger process and during the first year of NorthStandard,” said Thya Kathiravel, Chief Underwriting Officer, NorthStandard. “Underwriting performance remains both strong and stable with strong member confidence throughout the renewal discussions. The successful negotiations of a modest rise in premiums for 2024-25 are in line with our principles of fair and equitable mutuality.”
With the challenges to free and open seas now a feature of mainstream news reporting, the 12 months since NorthStandard’s formal launch had only amplified the critical role stability in the P&I system plays in world trade, said Paul Jennings, Managing Director NorthStandard.
“Based on these excellent results, NorthStandard will continue to evolve its post-merger strategies on digitalisation, sustainability, portfolio diversification and recruitment, and double down on efforts to help governments, regulators and shipping understand each other’s challenges,” he said.
About NorthStandard:
NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has a premium income of around US$825M and provides cover for 256 million GT of mutual poolable tonnage.
From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels and aquaculture. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.
NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 90% of the world’s ocean-going tonnage.
