NorthStandard, one of the world's largest marine insurers, has reported solid financial results for the 2025/26 financial year, despite increasing global risks. The Newcastle-based mutual saw premium income grow by 5.8% to US$938 million (£697.1 million), while its underwriting deficit was reduced from $96 million (£71.3 million) to $39 million (£28.9 million). Free reserves also grew by $123 million (£91.4 million) to reach $923 million (£686.2 million).
Challenging Global Environment
Conflicts in the Middle East, Persian Gulf, and Ukraine, along with changing tariffs and expanding sanctions, have created significant uncertainty for shipowners worldwide. NorthStandard chairman Cesare d'Amico noted in the annual review: "Conflict in the Middle East from Gaza to the Persian Gulf, the continuation of the war in Ukraine, the uncertainty caused by changing tariffs, and the steady expansion of sanctions regimes all combined to undermine predictability in trade, compliance and insurance. Shipowners faced higher costs, greater operational disruption and a more complex liability landscape, often driven by events entirely outside their control."
Merger Success
It is now three years since the merger of Newcastle's North P&I and London-based The Standard Club created NorthStandard. The company, which employs around 300 people on Tyneside, has offices in Europe, Asia, and the Americas. Bosses confirmed that the objectives of the merger have been met, including the development of specialty lines, opening of new offices, expanded resources, and new partnerships for members.
Geopolitical Instability
Since the merger, growing geopolitical instability—particularly events in the Strait of Hormuz—has shaken the shipping world. NorthStandard has provided extensive guidance to members, especially concerning war risks. On sanctions, the club has invested in a stronger service, appointing a global head of sanctions based in Newcastle.
New Teams and Services
During the year, NorthStandard consolidated its Coastal & Inland and Sunderland Marine teams under one leadership, offering a 'one stop shop' for small and specialist craft. It also established an Upstream Energy and Marine & Energy Liabilities team to target those markets.
Leadership Comments
Jeremy Grose, NorthStandard managing director, said: “The shipping industry is navigating profound change, as technological advancement and the fuel transition reshape how vessels are operated, crewed, and maintained. Our services are evolving in step, ensuring Members can adopt new fuels, technologies, and operating models with confidence.”
Paul Jennings, fellow managing director, added: "People are our biggest strength, and our strong performance is a direct reflection of their dedication—many of whom are based right here at our headquarters in the North East. We remain deeply committed to supporting our communities, economy, and environment through strategic, long-term collaboration and investing in our people and innovation."
