Marine insurer sails ahead with revenue boost

A Newcastle-based marine insurer has reported steady growth despite global industry challenges. 

NorthStandard, which employs more than 300 people at its Newcastle Quayside headquarters, grew poolable tonnage to 270M GT in 2023/2024.

The firm, which employs more than 600 staff across 13 countries, also saw premium income rise to $870 million, with full-year investment returns forecast to exceed five per cent.

Bosses say the figures demonstrate NorthStandard continues to “enjoy the support and confidence of our membership”.

They add that by expanding its pioneering Get Set! portfolio of vessel-based loss prevention solutions and investing in its office network, NorthStandard has expanded its “reach”, while partnerships, including a £23.5 million deal with Norwegian insurer NIORD, have strengthened its market presence. 

Nick Jelley, chief financial officer, said: “Despite strong headwinds, NorthStandard’s capital strength, diversified businesses and service excellence delivers resilience.

“Growing tonnage and revenues demonstrates we continue to enjoy the support and confidence of our membership, with the reach, resources and robustness to tackle the challenges of global shipping and the evolving needs of our members in the years ahead.”

Nick Wolfe, chief of specialty, added: “The new products and strategic initiatives are a valuable opportunity to expand NorthStandard’s reach in rapidly developing markets. 

“By combining our extensive knowledge, experience and technical expertise, we can better address the evolving needs of members.”

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