Marine insurer charts growth with record results

A North East-headquartered marine insurer has reported strong financial growth despite ongoing turbulence in the global shipping industry.

NorthStandard, based on Newcastle’s Quayside, has increased its annual income to more than US$930 million for the year to February 20, the sector’s annual renewal date. 

Free reserves are also projected to exceed US$900 million.

Following the 2023 merger of North P&I Club and London-based The Standard Club, the organisation – now employing more than 350 people at its Tyneside headquarters and nearly 700 worldwide across 13 countries – provides protection and indemnity cover for one-in-five commercial ocean-going vessels across the globe.

The results come against a backdrop of geopolitical instability and mounting pressure on the shipping sector to decarbonise. 

NorthStandard is supporting members through this transition with specialist guidance on alternative fuels and is a founding member of the Maritime Nuclear (MarNuc) consortium, launched in January, which is exploring long-term concepts for nuclear-powered vessels.

Paul Jennings, managing director of NorthStandard, said: “We are grateful for our Members’ continued support and loyalty. 

“Strong Member retention and commitment during renewal reflects the value and importance they place on the high levels of expert service NorthStandard teams deliver daily around the world.”

Jeremy Grose, managing director of NorthStandard, added: "With our team’s dedication and Members' trust, NorthStandard remains a resilient, forward-looking partner to the global maritime community.”

NET and NorthStandard have recently held two exclusive roundtable discussions at its Tyneside headquarters on the North East’s role in international commerce and the transition to green energy. 

You can read the first – Exporting a region to the world – here.

And the second – Navigating the green energy transition – can be found here.

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