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Introducing NorthStandard
On 20th February 2023, The North of England Protecting and Indemnity Association Limited (North) and The Standard Club merged to form a new single legal group, NorthStandard.
The new organisation is jointly led by Paul Jennings, Managing Director, (formerly CEO at North) and Jeremy Grose, Managing Director (formerly CEO at Standard Club).
The merged club will maintain an unwavering commitment both to member service and to the International Group system and offer marine insurance products, services and solutions relevant to the broadest range of shipowners worldwide.
NorthStandard Name Change
As part of the creation of NorthStandard, North will change its registered corporate name to NorthStandard Limited. There will be no change to the underlying insurance business.
More details on what's changingLatest News
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Merger of North and Standard Club – Member Approval
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North and Standard Club members approve creation of marine insurance major NorthStandard
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Special General Meeting of the North of England Mutual Insurance Association (Bermuda) Limited (“NEMIA”)
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Proposed Merger of North and Standard Club - Merger Proposal & Notice of Extraordinary General Meeting
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Merger Discussions Between The North of England P&I Association Limited (North) and The Standard Club
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North P&I and Standard Club announce merger plan to create new global marine insurance force
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North and Standard Club - The Merger Proposal Explained
Our 'North and Standard Club Briefing Pack - The Merger Proposal Explained' document provides an overview of the key drivers underpinning the merger.
Read moreWatch: The Merger Explained
Find out more
North and Standard Club Merger FAQs
What’s happening?
Discussions on a potential merger between North and Standard Club began in the summer of 2021. After receiving unanimous support and recommendation from our Board of Directors, both Club’s Members gave approval on 27 May 2022, at separate special general meetings. This provided the greenlight to establish NorthStandard as a unified club in time for 20th February 2023, next year’s renewal date. The merger remains subject to the approval of all the appropriate regulatory authorities.
Why is the merger being considered?
The P&I model is changing. Larger, more complex claims are challenging performance across the entire sector, pushing up combined ratios and putting capital under pressure. Scale is important to continue to maintain mutuality and develop the broader commercial offering needed. A successful merger also provides opportunities including advancing growth and diversification, driving innovation, strengthening our financial resilience and improving our ability to recruit and retain the best people.
What will be the vision of the merged club?
The vision is to harness over 300 years of maritime heritage to create a global marine insurer fit for the future, delivering exceptional service and innovation, global reach and influence, financial and operational resilience. NorthStandard will also bring together some of the most respected expert teams in maritime risk management.
The new organisation will be jointly led by Paul Jennings, CEO at North and Jeremy Grose, CEO at Standard Club.
How will the merger benefit Members?
The merged club will provide Members with a more financially resilient service driven club with the capability to operate more efficiently. The club will have a broader global footprint providing a wider complementary product range and an increased capacity for innovation whilst providing a powerful voice for shipowners.
What is the timeline for the merger?
Following the approval of both boards and Members, the next stage is being granted all regulatory permissions. It is anticipated that the clubs will start operating as a single business in October 2022 and work together on the February 2023 renewal.
Will North's name change?
On 20th February 2023, The North of England Protecting and Indemnity Association Limited (North) and The Standard Club will merge to form a new single legal group, NorthStandard.
As part of the creation of this new entity, North will become the parent company of the group and change its registered corporate name to NorthStandard Limited. There will be no change to the underlying insurance business.
Apart from North, all the other businesses within the NorthStandard group will continue to use their existing names and provide their current services.
