22 January 2024 – New base in Seoul will allow global marine insurer to offer enhanced support and service in Korea as it continues growing across the region
NorthStandard has announced plans to open a new office in South Korea, one year after establishing its combined Asia Pacific headquarters in Singapore.
The new Seoul office, initially to be staffed by Shang Doe Shim, a Claims Director currently based in the club’s Singapore office, will be operational from late Spring 2024.
This will be NorthStandard’s eighth office in the Asia Pacific region underlining the importance of the area to the club. NorthStandard is a significant player in the Korean market, where it provides P&I, FD&D and specialist lines cover for a sizeable amount of owned and chartered business. NorthStandard already has offices in Singapore, Tokyo, Shanghai, Hong Kong, Melbourne, Brisbane and Nelson.
Head of Asia-Pacific David Roberts said establishing a presence in Seoul was a natural step to take in NorthStandard’s continued drive to strengthen its service platform across the region.
“South Korea is one of the most significant individual country markets in Asia and is NorthStandard’s largest market in the region,” Roberts commented. “We aim to bring additional service value to an important customer base.”
The club’s Korean business has historically been serviced from Singapore and the UK, with support provided by exclusive Korean correspondent Ins-Ship Aide.
“This will continue, but in light of the importance of Korea to NorthStandard, we see considerable potential to provide a more localised service offering to our expanding membership, with a particular focus on claims support,” added James Moran, NorthStandard’s Chief Operating Officer, Asia Pacific.
Shim is a Korean national who joined Standard Club in 2008 having previously worked for a leading Korean shipping company. He is a highly experienced and respected claims handler with a deep understanding of the Korean market.
Going forward, NorthStandard aims to build a team of local experts in Seoul who are familiar with the local shipping market.
In addition to directly entered business, NorthStandard has a successful joint venture arrangement with the Korea P&I club, established in 2016. Korea ranks second globally in shipbuilding, after China, and is the fourth-largest ship-owning nation, after China, Greece, and Japan.
With over 365 million GT of owned and chartered tonnage globally on its books, and annual premiums of around US$800 million, NorthStandard employs over 600 people and brings together over 300 years of P&I heritage.
NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has a premium income around US$800M and provides cover for over 365 million GT of owned and chartered tonnage.
From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels and aquaculture. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.
NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 90% of the world’s ocean-going tonnage.