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Birmingham Post
Birmingham Post
Business
Tom Keighley

Members approve $750m merger of maritime insurers North P&I and Standard Club

North Club Paul Jennings Insurance

The merger of shipping and marine insurers North P&I and Standard Club has moved a step forward after members of both mutuals voted in favour of the plans.

It paves the way for the creation of NorthStandard, which will have a combined workforce of 700, joint premium income of around $750m (£595.8m), assets of $2bn (£1.58bn) and will insure ships equivalent to 270m gross tonnes.

The move is still subject to regulatory approval though North P&I CEO Paul Jennings told Business Live in March that he was optimistic the merger would happen.

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