North P&I and Standard Club announce merger plan
"The ambition behind the merger is to deliver tangible benefits to shipowners."
Combination would establish a global marine insurer positioned to thrive in the face of current and emerging challenges and opportunities posed by digitalisation, recruitment, regulation and sustainability.
North P&I and Standard Club have entered formal discussions for a proposed merger to create a new global marine insurer and one of the largest providers of mutual cover in the maritime industries. The combined mutual insurer would provide cover for vessels equivalent to 400M GT.
Jeremy Grose, CEO, Standard Club, said:
"Standard Club and North now have the opportunity to create one of the world's leading and most influential P&I clubs, founded on exceptional service and innovation, a broader diversified product range, scale economies and global reach.
The merger would help the new club navigate the continuing disruptive change affecting the maritime sector and better anticipate challenges ahead. Backed by a strong capital buffer over regulatory requirements, the combined club's capital strength would allow for significant reinvestment in enriching member services, innovative technology and more tailored and sustainable solutions for the longer term.
Cesare d'Amico, Standard Club's Chairman, said:
"The ambition behind the merger is to deliver tangible benefits to shipowners. Combining will provide greater financial resilience, efficiency and an even deeper pool of talent to maintain and strengthen the focus on service excellence and close member relationships for which both clubs are renowned."
The proposed merger remains subject to the approval of the full mutual membership of both clubs and of all the appropriate regulatory authorities. Member voting procedures are anticipated to conclude by the end of May. If approved by the membership, the formal merger of both clubs is expected to complete by 20th February 2023.
