Leading global maritime insurer, NorthStandard, is investing in its future in the North East from its Newcastle headquarters following strong results in its first year of operation.
Following the merger with the London-based Standard Club last February, the newly formed organisation has grown to provide stability in the industry despite turbulent times.
NorthStandard has gone on to become a leading force in world shipping, with its first annual report post-merger confirming a turnover of over £654 million ($825 million) – an increase on the previous year as well as a reaffirmed S&P ‘A’ rating.
As well as its commitments to the maritime industry, NorthStandard has supported local communities in and around its Newcastle headquarters – announcing its new CSR strategy and more than doubling its dedicated charity fund to over £317,000. The funds will be used across several charities, including a continued partnership with the Greggs Foundation’s Breakfast Club initiative.
Newcastle-based Managing Director, Paul Jennings said: “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 that the P&I system plays in stabilising world trade.
“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.”
NorthStandard has also recently announced its continued expansion across the globe, opening a new office in South Korea, its eighth in the region, to continue growth in its Asia Pacific network.
Fellow Managing Director, Jeremy Grose added: “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.”
NorthStandard is now one of the leading providers of global marine insurance products and services across the maritime industry. Established through the merger of North P&I Club and the Standard Club in February 2023, NorthStandard has a premium income of around $825m and employs more than 600 people globally.
Its footprint spans the world, with offices covering all main shipping regions, including Asia (China, Hong Kong, Singapore and Japan), Australasia (Australia and New Zealand), Europe (UK, Ireland and Greece), and the USA.
It insures approximately 260 million gross tonnage worldwide across all sectors, some 18% of the International Group’s total. From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard covers 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 is a leading member of the International Group of P&I Clubs (IG), whose 12 independent member clubs provide liability cover for approximately 90% of the world’s ocean-going tonnage.
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