NorthStandard, Newcastle marine insurer, hits $825m

Newcastle-based NorthStandard, the global marine insurer, has reported a rise in premium income “with positive market response”s to its post-merger scale and global operating structure.

NorthStandard said its premium revenues exceeded $825 million for the insurance year ending February 20, 2024, against a combined $796 million at the point of merger 12 months ago.

NorthStandard was established through the merger of The North of England Protecting and Indemnity Association Limited (North P&I Club) and the Standard Club in February 2023 and is ‘A’ rated by S&P Global.

“The mutual poolable tonnage increased to 256M GT as of 20 February 2024,” said NorthStandard.

“Specialty business lines which contribute about 20% of the club’s total premium income also reported growth during the year.”

NorthStandard MD Jeremy Grose said: “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.

“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 chief underwriting officer Thya Kathiravel said: “We would like to thank our membership for their continuing support and commitment through the merger process and during the first year of 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.”