NorthStandard, formed through the merger of North and Standard Club, officially launched today as one of the world’s largest providers of mutual maritime cover.
With over 390 million GT of owned and chartered tonnage on its books, the new entity consolidates annual premiums of around $800m, employs over 700 people and brings together over 300 years of P&I heritage.
As expected, NorthStandard will be led by managing directors Jeremy Grose and Paul Jennings – respectively previously CEOs of the Standard Club and North legacy organisations.
“Eleven months on from our first public announcement, the successful launch of NorthStandard creates a fresh and distinctive force in marine insurance,” said Grose. “Building on scale, comprehensive services and the depth of our talent pool, NorthStandard provides the resilience members need from their P&I partner to meet the shipping world’s challenges and opportunities. We are fully prepared to deliver even better service, support and cover than ever.”
NorthStandard has been given an enhanced A rating from S&P Global with a stable outlook. Grose noted that “this improved rating assessment from S&P confirms that NorthStandard has the financial resilience and certainty members need from their P&I partner in 2023 and beyond.”
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Headquartered in the UK, and with offices throughout Europe, Asia and the Americas, NorthStandard, also announced its future leadership team. In a series of senior role appointments, Ed Davies has been appointed chief strategy officer of the combined entity, Nick Jelley as the chief financial officer while Dipo Oyewole will serve as chief operating officer.