A key player in the creation of protection and indemnity giant NorthStandard is leaving to become chief executive of smaller rival the London P&I Club.
The two insurers confirmed on Tuesday that James Bean will take over the top job later this year from Ian Gooch, with a mandate to keep the third-smallest member of the 12-strong International Group of P&I clubs by tonnage as an independent player.
Bean was group managing director at the Standard Club and a “key player in the merger process” that resulted in the tie-up with North to create the industry’s second-largest P&I mutual insurer in February last year.
Bean, a qualified solicitor with more than two decades of shipping experience, remained in a senior executive role at the merged business before accepting the new job in London, where he will be charged with growing the existing business.
Gooch, who is stepping down after 15 years in charge, said: “I am confident that the club will continue its growth as an independent mutual marine insurance provider under James’ leadership and that he will bring new perspectives and opportunities to evolve.
“After such a tenure, following a strong renewals season and the club’s positive trajectory, I feel the time is right to step aside.”
The creation of NorthStandard triggered a series of discussions between clubs, but nothing concrete has emerged as the industry adopts a wait-and-see policy on how the merger pans out.
Gooch told TradeWinds in February that the merger was noted with “particular interest” at the London Club but said a future merger was not on the cards, without ruling one out.
He said the board believed there was a demand for the London Club’s unique services that meant it could stand alone, despite making a supplementary call in 2021.
The club said an 8.9% increase in tonnage in the February P&I renewal round and an expected improved claims and investment result in the 2023-2024 financial year set it on a firmer footing for the future.
Gooch will remain as a director of A Bilbrough & Co, which manages the London P&I Club, to help oversee the transition.
Bean said: “It is a real privilege to take this next step in my career and join the London P&I Club at an exciting time for the company.”
Bean leaves NorthStandard after 19 years.
Jeremy Grose, co-managing director of NorthStandard, said: “It is with mixed feelings that we share this news.
“James has played a major part in some of the key developments in the past few years.
“He was heavily involved in bringing the Standard Club’s management in-house, and was a key player in the merger process.”
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