Newcastle insurance specialist announces £630m turnover following merger

Newcastle headquartered NorthStandard, a £630m turnover business and now one of the world’s largest marine insurers, has announced strong annual performance figures as a consolidated business following the merger between North P&I and Standard Club.

Based on Newcastle’s Quayside, the business now employs 650 people in 12 office locations worldwide, with 330 being based in the North East and has seen its financial and operating performance strengthen through the merger of both organisations in February 2023.

Having recently published its first annual review, NorthStandard, reported annual premiums (premium income) in excess of £630m for the 2022/23 trading period, and has seen revenues from specialist divisions such as offshore and renewables grow to more than £157m.

The company has now outlined plans to expand its network and services further, building on new market opportunities and a changing economic landscape.

One of the two managing directors, Paul Jennings, based in the Newcastle HQ, explained: “NorthStandard, with a heritage in the North East stretching back over 160 years, is a formidable organisation that is continuing to set the pace of change throughout the global shipping industry.

“We now insure almost one in five ocean-going vessels that move goods from all sectors around the globe daily, which is a remarkable achievement.

“Our annual performance results are very encouraging and demonstrate that we’re in a very good position to build upon this further, pushing ahead with growth and expansion plans into new specialist markets.

“We’re currently assessing new business opportunities in the Middle East, Asia, and the USA, which may catalyse further employment opportunities here in the region.”

Fellow managing director of NorthStandard, Jeremy Grose, added: “We’re operating globally and leading the way as the ‘go-to’ marine insurer, but our heart and soul are very much rooted in the North East as a key employer for the region, especially here in Newcastle.

“Our people, with their knowledge and experience, are unparalleled across the whole marine insurance sector, and they have, without doubt, helped to create a dynamic, innovative, and highly successful company.”

NorthStandard’s influence, market presence, and strong financial position are also helping to implement world-first sustainability measures throughout the shipping supply chain, working closely with international governments to help reduce the industry’s carbon footprint ahead of regulatory changes due to come into place in 2030.

By Matthew Neville – Senior Correspondent, Bdaily

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