Marine insurer NorthStandard premiums up to $836m

Newcastle-based NorthStandard, the global marine insurer, said its annual premium for the latest year rose 5% to $836 million and it reported a 4.9% annual return on investments.

The mutual organization, which pools shipowners’ hard-to–insure risks, was formed in February 2023 by the merger of North P&I and The Standard Club. It is now one of the world’s largest providers of mutual maritime cover, with $803 million in free reserves as at 20 February. 

Its net combined ratio – losses and expenses as a percentage of premiums – improved to 93% for the year, compared with 95% last year. 

“Financial stability and resilience in P&I provide the basis for shipping to trade with confidence and this is a robust set of figures “said Cesare d’Amico, Chair, NorthStandard.

Jeremy Grose, Managing Director, NorthStandard, said the club’s six geographically structured ‘bluewater’ sectors delivered positively against targets.

“Confidence in the club was shown with the addition of six new ‘bluewater’ mutual members as of 20 February, while 180 additional ships have been committed, either as of renewal or as new builds and acquisitions due for delivery during the current Policy Year,” he said.

Grose reiterated that the club would continue to offset mutual P&I volatility by strategically building its diversified Specialty business across its Coastal & Inland, Strike & Delay, Offshore & Renewables, Hull & War, Fishing & Small Vessel and Aquaculture sectors. This approach has led to an overall growth of almost 10% in Specialty premiums.