Marine insurer hails 'steady growth' in choppy market

A North East-headquartered global marine insurer has hailed its buoyancy in choppy waters after demand propelled revenue higher. 

NorthStandard saw premium income rise to $885.8 million (£658 million) in the year to February 20.

The increase was anchored by higher mutual tonnage to nearly 270 million gross tonnage, as the firm – which insures thousands of vessels worldwide – added operators seeking shelter from global conflicts to its hull, war risk and strike and delay divisions.

The Newcastle Quayside-based company also benefited from a ten per cent rise in offshore and renewables premiums, and the launch of combined hull and liability cover for smaller vessels through its Sunderland Marine and Coastal & Inland divisions.

Return on investment increased to 5.9 per cent at the firm – which was recently recognised as one of the North East’s top 20 businesses by turnover in NET 250 – with free reserves steady at $800 million (£594 million).

Cesare d’Amico, chair at NorthStandard – which was founded in 2023 through the merger of North P&I and Standard Club, and has offices around the world – said: “No organisation is defined by its easier times, and challenges are what drive us forward.

“We were formed in response to shipping’s underlying uncertainties, and we have not allowed a turbulent year to blow us off course.”

Paul Jennings, joint managing director, praised the business’ progress, highlighting the impact of its 300-plus North East team.

He added: “Given the scale and variety of the challenges facing global shipping, it is prudent to expect an upward trend in the long-term claims outlook.

“Our steady growth in mutual tonnage and solid investment returns are testament to the resilience and dedication of our people, many of whom are based in the North East, which is the heart of our organisation.”

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