A new chapter is set to be written in the history of one of the North East's most established businesses as Newcastle-based shipping and marine insurer, North P&I, is set to merge with fellow mutual Standard Club.
Members of both organisations voted to approve a merger and, subject to regulatory approval, the combined group – to be called NorthStandard – will start life on 20th February 2023, the date on which shipping owners renew their insurance annually. NorthStandard will be a major force in what is a globally significant industry – 95% of the world’s goods are transported by ship and NorthStandard will be insuring one in every five of these vital commercial vessels. The newly merged business will operate jointly from the North P&I head office in Newcastle and the Standard Club HQ in London, as well as the two insurers’ offices in key locations around the world. NorthStandard will also have joint CEOs, with Paul Jennings from North P&I and Jeremy Grose from Standard Club sharing the leadership function. It’s no surprise that the tie-up is being called ”a merger of equals” and the connections between 162-year-old North P&I and Standard Club don’t stop there.
