Marine insurer NorthStandard says it has navigated its "first test" as a combined group thanks to a year including serious maritime incidents and global geopolitical instability.
One of the world’s leading marine insurers, the Tyneside-based group said it had been an "unsettling" year in the protection and indemnity market but that it reported a steady performance in its latest annual review. In its 2024/25 year, the mutual insurer saw premium income grow to $885.8m (£6.5m) from $835.8m (£6.2m) while it reported a $96m (£71.2m) underwriting deficit compared with an underwriting result of $45.8m (£33.9m) the year before. This was offset by a 5.9% return on investments, up from 4.9%.
Bosses said there had been a return to more pool claims, with 15 made to the International Group - of which NorthStandard is a member - and covering collisions, groundings, wreck removals and fires and including the crashing of the Dali container ship into the Francis Scott Key Bridge in Baltimore. Five claims were reported by NorthStandard, the largest of which was the YM Witness which crashed into a pier and gantry cranes at the Turkish port of Evyap in March last year.
Other claims included the Ultra Galaxy, which was grounded in South Africa; the Vox Maxima which collided with the Marine Honour in Singapore, causing pollution; the Tarif which collided with a jetty while berthing in Ulsan, South Korea, and the Knidos, a coastal and inland entry which was involved in a collision and sank. The claims means the insurer's combined ration rose to 114%, compared to 93% in 2024 and there was a small fall in free reserves to $800m (£593.7m) from $803m (£595.9m).
Writing in the annual review, NorthStandard chair Cesare d'Amico, said the group had not allowed the claims to blow it off course and that the period had proven the club's resilience. The company's mutual tonnage - a measure of the volume of ships insured - rose to just under 270m gross tonnes.
Paul Jennings, managing director of NorthStandard, which employs 300 in Newcastle, said: "Given the scale and variety of the challenges facing global shipping today, it is prudent to expect an upward trend in the long-term claims outlook. NorthStandard continues to respond by investing in P&I excellence and its people, in scale and diversification, and in its digital service portfolio."
He added: "Our steady growth in mutual tonnage and solid investment returns, is a testament to the resilience and dedication of our people—many of whom are based right here in the North East. This region is not just our headquarters; it's the heart of our organisation.
"We remain deeply committed to supporting its communities, economy, and environment through meaningful initiatives that reflect our values. As we grow globally, we continue to invest locally, ensuring NorthStandard remains a source of pride and opportunity for the region."
The year also saw a 10% rise in Offshore & Renewables premiums and the launch of new combined hull and liability cover for smaller vessels through Sunderland Marine and Coastal & Inland brands, which NorthStandard said reinforced its role as a key regional employer and economic contributor.
