NorthStandard has reported revenue in excess of $825m for the insurance year ending 20 February, compared with $796m a year ago.
At the P&I renewal date, mutual P&I tonnage entered into the club reached 256m gt and it reported a further 20% increase in its other commercial insurance lines.
North P&I Club and the Standard Club merged on 20 February last year to create the industry’s second-largest P&I mutual insurer.
Initially, it lost tonnage as some of its largest members with entries in both clubs redistributed their fleet cover to other members of the International Group of P&I Clubs.
“The growth in NorthStandard’s tonnage and revenues confirmed that post-merger additions from new and existing members outweighed the effect of the collaborative rebalancing of tonnage from one or two large members,” said managing director Jeremy Grose.
The club said it also expects to report an underwriting surplus and a sub-100% combined ratio — indicating an underwriting profit — with a positive investment return adding to its free reserves.
In the 2022-2023 financial year, NorthStandard had a 95% combined ratio.
It was targeting a 5% increase in premium income at this year’s renewal.
Chief underwriting officer Thya Kathiravel said: “Underwriting performance remains both strong and stable with strong member confidence throughout the renewal discussions. The successful negotiations of a modest rise in premiums for 2024-25 are in line with our principles of fair and equitable mutuality.”
Managing director Paul Jennings said the club is now aiming to continue to develop the business based on “digitalisation, sustainability, portfolio diversification and recruitment”.
But in a broader perspective, he wants to see it take a proactive role in the industry and “double down on efforts to help governments, regulators and shipping understand each other’s challenges”.
