Standard Club and North are exploring the potential of combining to jointly create a club at the forefront of global marine insurance, acting as a powerful industry voice and upholding the values of the International Group system.
This development would enable us to harness the 300 years of shared P&I heritage to navigate the continuing change affecting the maritime sector and better anticipate challenges ahead, to deliver tangible benefits for members and shipowners around the world.
The proposed merger remains subject to the approval of the mutual membership of both clubs and by the relevant regulatory authorities. If approved, the combined club is expected to be fully operational for the renewal in February 2023.
There is an opportunity to create one of the world’s leading P&I clubs with the widest claims expertise to underpin a more extensive, more diversified product range delivering a broader range of services, faster innovation, even stronger financial resilience and be a compelling advocate for shipowners and members.
This is an exciting time in our 135 plus year history as we look to develop a combined club which is the P&I mutual of choice for talent, members and shipowners.
Change. It’s all around us…
Change that has brought unrivalled volatility to all maritime industries – increasing costs and creating uncertainty.
Change has also brought potential – new thinking, new technology and new ways to solve old problems.
But to really benefit from that change, we need to embrace it. That’s why Standard Club and North are exploring the potential of combining.
Both with innovation in their DNA, 300 years of combined P&I heritage, and both with unwavering commitment to mutuality. Together, we have the potential to achieve so much more for members and shipowners around the world.
Uniting as one to be at the forefront of global marine insurance, acting as a powerful industry voice and upholding the values of the International Group system. A combined club with the widest claims expertise to underpin a more extensive, more diversified product range delivering a broader range of services, faster innovation, even stronger financial resilience and being a compelling advocate for shipowners and members. With the endless potential of an even deeper pool of talent to maintain and strengthen the focus on service excellence for which both are renowned.
Standard Club and North – meeting the maritime challenges of today and tomorrow, together.
Why now?
P&I is changing. The P&I model is changing.
Larger, more complex claims are challenging performance across the entire sector, pushing up combined ratios and putting capital under pressure. Scale is becoming increasingly important – to maintain mutuality and develop the broader commercial offerings needed.
The climate is changing. We’ve all witnessed an increase in the number and severity of natural disasters, and members of all clubs are looking for support in their decarbonisation journey to net zero.
Tech is changing. Better use of data and automation could revolutionise the P&I market – but the balance between the significant, long-term investment needed to modernise while still meeting shorter-term needs and means is difficult.
Regulation is changing. More regulation from more regulators worldwide has created a step-change in the time and cost needed to comply.
Recruitment is changing. Covid has further sharpened an already competitive market. Restrictions, the shift to hybrid working and staff re-evaluating their personal priorities have all made it harder to recruit the experienced local experts in underwriting, claims and technology that the industry needs.
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Source: Standard Club
