The global marine insurer, NorthStandard, headquartered on Newcastle’s Quayside, has reported continued growth despite a challenging year for the shipping industry – increasing its annual income to over US$930 million.
NorthStandard, formed in 2023 from the merger of North P&I Club and London based The Standard Club, ranks among the world’s top mutual maritime insurers. The organisation employs over 300 people locally and more than 700 globally across 13 countries, making it one of the region’s largest and most internationally connected employers.
Key metrics show premium income is projected to rise to over US$930 million in the year to 20 February 2026 (the annual renewal date for the marine insurance industry), and free reserves are projected to surpass US$900 million. This growth unfolds against continuing uncertainty across the global shipping sector, ranging from geopolitical tensions to the push for decarbonisation across the industry.
NorthStandard is working across global shipping to advance maritime decarbonisation, with an in-house team of experts offering industry leading guidance on a range of possible alternative fuel options. As a founding member of the Maritime Nuclear (MarNuc) consortium launched in January 2026, NorthStandard is playing its part in developing a concept for safe and efficient nuclear-powered vessels over the long term.
With many of its leading experts based in the North East, NorthStandard is proud of its regional roots and is committed to nurturing local talent through its focused recruitment initiatives, diverse internships and work experience programmes. Recently, the company launched a one-stop platform for learning and professional development that has drawn strong user praise and participation.
Paul Jennings, Managing Director of NorthStandard, stated: “We are grateful for our Members’ continued support and loyalty. Strong Member retention and commitment during renewal reflects the value and importance they place on the high levels of expert service NorthStandard teams deliver daily around the world.”
Jeremy Grose, Managing Director of NorthStandard, noted: “With our team’s dedication and Members’ trust, NorthStandard remains a resilient, forward-looking partner to the global maritime community.”
