Member meetings of both insurers on 27 May agreed the merger to create one of the world’s largest mutual marine insurers.
Subject to the approval of regulatory authorities in a number of jurisdictions the merger will be effective from next year’s renewals date on 20 February 2023.
The merged club will be jointly led by Jeremy Grose, Standard Club CEO, and Paul Jennings, CEO at North.
“NorthStandard will be a major new force in marine insurance, delivering the resilience members need from their P&I partners to meet the challenges and competitive landscape of a changing shipping world. We are delighted that our proposal has received such strong backing from the members of both clubs,” said Grose.
“North members expressed overwhelming support for the merger based on the tangible benefits for shipowners that the consolidation will bring,” commented Jennings. “Members welcomed the proposal on the grounds that it would reinforce stability and strengthen competition in the P&I sector and encourage innovation and drive further product diversification."
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