NorthStandard can be collectively led by Paul Jennings, CEO at North (L), and Jeremy Grose, CEO, Standard Club.
The merger of two main gamers within the marine mutual insurance coverage market — North P&I and Standard Club — is about to return into impact on February 20, establishing NorthStandard as one of many world’s largest suppliers of mutual maritime cowl.
The golf equipment say that with all authorized, regulatory and competitors approvals from the related authorities in place, and with members of each golf equipment having accepted the creation of NorthStandard in May 2022, the trail is now clear for the merger to proceed as deliberate.
For the 2023/24 Policy Year, members of Standard Club and North will renew into their present insurance coverage entities, with 2023/24 certificates and documentation retaining present Standard Club and North branding. However, members of each golf equipment will change into company members of NorthStandard on 20 February 2023 and have a typical NorthStandard coverage from February 20, 2024.
With over 300 years of mixed P&I heritage and consolidated annual premiums of roughly $750 million, NorthStandard can be led by Jeremy Grose, Standard Club CEO, and Paul Jennings, CEO at North.
“With the formal merger date rapidly approaching, both clubs stand on the cusp of a fantastic opportunity through the formation of NorthStandard,” stated Grose. “Thanks to its scale, the organization will represent a significant new force in marine insurance, delivering the resilience members need from their P&I partner to meet the challenges and seize the opportunities of a rapidly changing shipping world. We are looking forward to working with our members and clients, as NorthStandard, with broader skills and expertise, product range, global network and financial resilience. The launch on February 20, 2023 means a new name and look for us, but more importantly, even better service, support and cover for our members, brokers and clients worldwide,” he added.
“We have been laying the foundations for this service and help to assist make sure that NorthStandard delivers higher worth, certainty, selection, responsiveness and adaptability, in addition to simpler entry to our unmatched experience,“ stated Jennings.
Among the various strategic and operational advantages, the merger brings for each North and Standard Club, added Jennings, is an expanded pool of expertise.
“Our service-led approach, highly valued by members, hinges on our people. The formation of NorthStandard will support the recruitment and retention of the most talented individuals, helping us to deliver the highest levels of service, drive innovation and identify new opportunities for diversification. NorthStandard is fortunate to have such a strong pool of talent and will be the P&I mutual of choice for people – offering more options, opportunities and flexibility while retaining a long-established family ethos and culture.”
