29 May 2025 – NorthStandardâs 2025 Annual Review reports a steady performance, highlighting the benefits of scale and diversification in an unsettling P&I year.
The global marine insurer said escalating geopolitical instability and serious maritime incidents had brought the âfirst testâ in its second full year after the merger of North P&I and The Standard Club.
Continuing its successful strategy for growth, NorthStandardâs poolable mutual tonnage increased to just under 270M GT at 20 February 2025, against 260M GT a year earlier. However, following a benign claims period in 2022/23 and 2023/24, claims trends have matched an earlier NorthStandard prediction of a return to amore familiar pattern.
Last year, 15 claims were referred to the International Group of P&I Clubs pool at the 12-month point, including one claim of historic proportions, and a further five have been declared since then. Five of these claims involved NorthStandard, and this was reflected in NorthStandardâs 114% combined ratio, against 93% in 2024.
NorthStandardâs robust foundations were evident from the moderate impact the result had on free reserves, which decreased to US$800m from US$803m in 2024, but remained ahead of 2023âs US$686m. The solid performance benefited from a 5.9% return on investments, up from 4.9% in 2024 and annual premium income rose to US$886m. Earlier this month, S&P Global reaffirmed NorthStandardâs âAâ stable rating, with âAAAâ capital strength.
âNo organisation is defined by its easier times, and challenges are what drive our club forward,â said Cesare dâAmico, Chair, NorthStandard. âNorthStandard was formed in response to shippingâs underlying uncertainties, and we have not allowed a turbulent year to blow us off course.â
Jeremy Grose, Managing Director, NorthStandard, commented. âThe clubâs readiness to ride out instability will be further tested by the uncertainties around global trade, underscoring the value of our strategy for growth and spreading risk. Development of our specialty lines continues at pace.â
Offshore & Renewables premiums grew 10% during the year, which also saw NorthStandard establish a new strategic partnership with NIORD. The club also offered combined hull and liability cover for smaller vessels for the first time through Coastal & Inland and Sunderland Marine.
Grose said that shippingâs changing ecosystem was shaping NorthStandardâs service evolution. âGlobal tensions continue to drive growth in our Hull & War activities, while Strike & Delay welcomed 12 new members. We are in a strong position to help members navigate risk volatility. We also continue to engage vigorously with authorities on sanctions on behalf of members.â
According to Paul Jennings, Managing Director, NorthStandard, âMarine insurers are playing a leading role in identifying and assessing the liability and regulatory frameworks for low-carbon fuels.â
NorthStandard contributed to a recent review on the topic from the International Group, feeding into the International Maritime Organizationâs work on liability and compensation regimes for alternative fuels.
âGiven the scale and variety of the challenges facing global shipping today,â commented Jennings, âwe continue to respond by investing in P&I excellence and our people, in scale and diversification, and in our digital services portfolio.â
NorthStandardâs Annual Review 2025 can be downloaded [HERE]
About NorthStandard:
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 âAâ rated by S&P Global, NorthStandard has premium revenues exceeding US$886 million, free reserves of US$800 million and mutual pool tonnage surpassing 270 million GT.
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 ownersâ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels. NorthStandardâs 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 85% of the worldâs ocean-going tonnage.
