North is a strong, dependable and long term partner which has built its market leading reputation on solid financial foundations with excellent service and a high quality Membership.
As one of the largest P&I Clubs in the International Group, North is financially secure, has an ‘A’ rating from Standard & Poor’s and has had a long track record of delivering financial stability. Our capital adequacy is extremely strong and assessed as ‘AAA’ by Standard and Poor’s. North has enjoyed a strong financial performance and currently has a rolling five year combined ratio of 97% which makes North one of the strongest performers amongst the International Group of P&I Clubs. With free reserves in 2019 of US$463 million and total assets of almost US$1 billion North exceeds all current and anticipated regulatory requirements.
North has been working with charterers and traders for more than 70 years and our reputation as a dependable partner is recognised by all concerned.
Summary of Financial Report 2019