North P&I Club and Standard Club have secured approvals from competition and regulatory approvals for their merger.
The two protection and indemnity insurers did not disclose which authorities have granted approval for the deal, but they said that they keep NorthStandard “on course” for a launch in February.
“The approval from several regulatory and competition authorities in key regions around the world is a major step towards enabling our plans as NorthStandard to offer a competitive range of high-quality services to our members and brokers,” said Jeremy Grose, Standard Club’s chief executive.
The two insurers said the deal will see the merged organisation immediately become one of the largest maritime mutuals, with annual premiums of $750m.
“As NorthStandard, we will be able to fully realise the benefits of the merger, reinforcing financial stability and strengthening competition in the sector through our commitment to service excellence and developing new commercial opportunities through a portfolio of diversified product lines, scale economies and global reach,” said North chief executive Paul Jennings.
“In another complex and demanding year for shipping, we are delighted the combined club is on course to come to market as originally scheduled.”
Grose said the complementary cultures, ambitions and approaches of the two clubs will bring added value, and Jennings said the larger scale will help attract and retain talent.
“The merger will allow us to work together with our colleagues from North to shape an organisation to meet the challenges of a changing shipping world,” Grose said.
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