(WO) — North and Standard Club have received approval to merge the organizations after separate member meetings resoundingly back plans to create a market-leading global marine insurer and one of the largest providers of mutual cover in the maritime industries.
The merger will create one of the largest providers of mutual cover in the maritime industries with consolidated annual premiums of around $750 million. With 300 years of shared P&I heritage, NorthStandard will also bring together some of the most respected expert teams in maritime risk management. The new organization will be jointly led by Jeremy Grose, Standard Club CEO, and Paul Jennings, CEO at North.
“For the merger to proceed,” Grose said. “It was critical that we secured their recognition of the proposal’s positive outcomes for continued service excellence, as well as the opportunities brought by diversified product lines, scale economies and global reach. NorthStandard will bring together two unique advocates of mutuality working within the International Group of P&I Clubs, whose complementary cultures, ambitions and approaches would work together to deliver added value for all Members.”
Both clubs held special general meetings on back in May to approve the proposal to merge the two organizations into a single mutual insurer.
This gives the greenlight to establish NorthStandard as a unified club in time for February 20, 2023, next year’s renewal date. The merger remains subject to the approval of all the appropriate regulatory authorities.
“North members expressed overwhelming support for the merger based on the tangible benefits for shipowners that the consolidation will bring,” Jennings said. “Members welcomed the proposal on the grounds that it would reinforce stability and strengthen competition in the P&I sector and encourage innovation and drive further product diversification.”
He added, “A larger organization will also attract and retain even more of the best talent to ensure that NorthStandard delivers the highest levels of service and support for members.”
Source: www.worldoil.com
Author: World Oil