Newcastle-Based Global Marine Insurer Reports $40 Million Increase in Annual Turnover
Jeremy Grose (R)
Headquartered in Newcastle upon Tyne, NorthStandard, one of the world’s leading marine insurers has released its Annual Review highlighting positive progress across key performance indicators.
The global marine insurer recorded significant increases in premium income, investment returns, and free reserves for the 2023/24 policy year. The combined net ratio, used to measure underwriting performance, also improved from the previous year.
Employing over 600 staff across all major continents, of which over 300 are based in Newcastle, the latest report solidifies NorthStandard’s position as one of the world’s largest providers of mutual maritime cover.
The latest Annual Review confirmed premium income increased to US$836 million in 2023/24, following the merger of Newcastle’s North P&I and London based The Standard Club in February 2023.
This is a significant increase compared to a consolidated premium of US$796 million in 2022/23 and US$700 million in 2021/22. It also recorded a positive 4.9% annual return on investments.
The solid financial performance was confirmed by a sharp increase in free reserves, which reached US$803 million on 20 February 2024, against US$686 million the year before. Net combined ratio performance continued to improve, standing at 93% for the year against the 95% recorded last year.
Cesare d’Amico, Chairman of NorthStandard said: “Financial stability and resilience in P&I provide the basis for shipping to trade with confidence, and this is a robust set of figures.”
Paul Jennings, Managing Director, NorthStandard commented: “The continued financial growth of our business, which has proudly stood on Newcastle’s Quayside for over 160 years, is not just a success for our organisation but for the entire region and the global maritime insurance industry.
As one of the leaders in our industry, we have a unique position to represent and champion the North East on the global stage and demonstrate the important role we play in the global trade.
Our excellent renewal in February 2024 emphasised the tremendous support we received from our members, customers, and brokers, for which we are tremendously grateful.”
