Marine insurer hails buoyancy as income rises

A North East-headquartered global marine insurer says it has maintained a steady course amid stormy market seas after chalking up higher revenues. 

NorthStandard saw total premium income rise 5.8 per cent to $938 million in the 2025/2026 insurance year.

Investment return was higher at 9.5 per cent, with free reserves rising from $800 million to $923 million.

Bosses said the Newcastle Quayside-based company benefited from a “re-evaluation of geopolitical impacts” such as the Strait of Hormuz crisis, which allowed the firm to “deal with complexities as the norm”.

They added the firm’s progress was bolstered by the founding of an Upstream Energy and Marine and Energy Liabilities team, and the consolidation of its Coastal and Inland and Sunderland Marine teams.

A report said: “Conflict in the Middle East from Gaza to the Persian Gulf, the continuation of the war in Ukraine, the uncertainty caused by changing tariffs and the steady expansion of sanctions regimes all combined to undermine predictability in trade, compliance and insurance.

“Shipowners faced higher costs, greater operational disruption and a more complex liability landscape, often driven by events entirely outside their control. 

“The teams at NorthStandard have worked tirelessly with members, helping them navigate that complexity in a way that protects their long‐term interests.

“We look to the future with realism and an appetite to fulfil our potential.”

Paul Jennings, managing director at NorthStandard, which was recognised in the recent NET 250 ranking of top North East firms by turnover, said those goals would be driven by the commitment of its staff.

He added: “People are our biggest strength, and our strong performance is a direct reflection of their dedication – many of whom are based at our North East headquarters.“We remain deeply committed to supporting our communities, economy and environment.”

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