Further to North P&I circular of 3 May 2022 (Ref:2022/015) announcing merger discussions between North and Standard Club, it is confirmed that North and Standard Club members overwhelmingly approved the merger to create NorthStandard at separate general meetings held earlier today.
This Member approval gives the greenlight to establish NorthStandard as a unified club in time for 20th February 2023, next year’s renewal date. The merger remains subject to the formal approval of all the appropriate regulatory authorities.
This is a unique opportunity in the long history of both clubs. The support for the merger is based on the tangible benefits for shipowners and strengthening competition in the global P&I sector.
Both clubs will now focus on delivering the integration strategy to ensure that the benefits of the merger are fully achieved, and further updates will be communicated to Members at the proper time.
North’s 2022 Annual Review was issued today. This includes information about North’s premium income, investment returns, capital and free reserves, combined ratio, entered tonnage and claims performance over the last twelve months to 20 February 2022.