NorthStandard meets target for formal launch with enhanced S&P ‘A’ stable rating

Jeremy Grose and Paul Jennings

“This is a truly exciting moment for service-led P&I as we launch NorthStandard and announce the leadership team entrusted with ensuring that members worldwide experience greater value, certainty, choice, responsiveness and easier access to unrivalled expertise,“ said Jennings. “NorthStandard will also be the P&I mutual of choice as an employer because its unique blend of service scope, influence, flexibility and innovation will co-exist with the family ethos and culture on which both North and Standard Club built their reputations.”

In their final renewal statements as separate entities, North P&I and Standard Club reported resilient performances through another extraordinary year of challenge for the maritime industries. Both clubs are expecting positive combined ratios and stable levels of capital, notwithstanding losses across their investment portfolios given the turbulence in financial markets over the last year. As well as an unusually benign year for claims on the International Group pooling arrangements, North and Standard have benefitted from their efforts to adjust premium rates to sustainable levels, as well as continued diversification. The positive decision of Standard & Poor’s to move NorthStandard to a “stable” outlook affirms the resilience of the new club’s financial and capital position.