Maritime insurer buoyant over merger plan

Author - Helen Cartwright

Date published:

A Newcastle-headquartered global shipping and marine insurer is in talks with a fellow worldwide operator over a merger that would reunite two North East firms on the international scene.

North P&I is in discussions with London-based Standard Club. Bosses say the tie-up would create one of the world’s largest maritime insurance groups, with around 300 years’ of combined experience, assets of £1.5 billion and about 700 staff.

And they say it would also bring together two North East companies, with Standard Club understood to have been founded by Northumberland born Charles Taylor, who operated out of Sunderland before moving to the capital.

Describing the prospective new entity – which would be called North Standard – Paul Jennings, North P&I chief executive, told CONTACT it would “create something that is sustainable for the long-term”.

He said: “This is two North East businesses that may have drifted apart 150 years ago coming back together again, and it is a great opportunity to get ahead of the curve.

“Rather than do something in a few years’ time, we’ve got the benefit of first mover advantage and choosing a partner of choice.

“This is about creating a company that is capable of growing further; it isn’t about cost-cutting – we’re not going to remove people from the business.

“We see the ability to take advantage of technology, digitisation and new innovations – and by combining our firepower, we can achieve a lot more. “We want to grow across all areas, and this will definitely accelerate our plans.”

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