North East’s global marine insurer, NorthStandard, reports continuous growth in a year of geopolitical uncertainty

NorthStandard, headquartered on Newcastle’s Quayside and one of the North East’s largest companies, has reported strong financial results, alongside an award-winning year of creating meaningful change in local North East communities.

Global marine insurer NorthStandard has reported a strong set of financial results in its Annual Review 2026, as it pushes forward with its strategy to grow geographic reach and service capability. The company was also recently recognised for the second year as one of the Top 20 businesses in the North East, as featured in the NET 250 listing.

NorthStandard, an insurance mutual (or ‘club’) which provides third party liability and related cover to shipowners and operators, is owned by its global membership. It reported total premium income of US$938m for the 2025/26 insurance year, up 5.8% on the $886m it earned in the previous year. In 2025, investments returned a robust 9.5% generating a significant surplus as free reserves increased by $123m to reach $923m, strengthening capital coverage above Standard & Poor’s “AAA” level.

Three years after the merger of North P&I and The Standard Club, NorthStandard has delivered against the objectives set out at the time of the merger, including the strong development of its specialty lines, new offices, expanded resources and new partnerships to further improve its service offering for Members.

As Managing Director Paul Jennings noted: “Our teams invest time to understand each of our Member clients’ worlds and we apply our expertise and judgment to find tailored solutions where traditional approaches sometimes fall short.”

Increased scale and deeper financial foundations have allowed the club to respond to a maritime world where geopolitical risk has “increasingly shaped the day to day operating environment for shipowners”, the club’s Annual Review notes.

“We’ve reevaluated the impact geopolitics make on the business — and reorientated the club to deal with these complexities as the norm,” said Managing Director Jeremy Grose, reflecting on wars in the Middle East and Ukraine, stop-go tariffs and sanctions.

The position of marine insurance clubs “at the intersection of commerce, law and geopolitics” had been highlighted by events in the Strait of Hormuz, added Grose. The club provided a vast amount of guidance to Members on a wide range of claims and more general enquiries, while its enhanced war risks capability also provided Members with further support.

On sanctions, the club has also invested to create an even stronger service for Members, with an expanded team whose Head of Sanctions operates on a global level from the NorthStandard HQ in Newcastle.

Collaboration also lies at the heart of NorthStandard’s CSR journey, and what started as a volunteer-led effort driven by colleagues passionate about giving back has transformed into a strategic, collaborative programme, which led to a CSR and Community Impact Award win at the Maritime Innovation Week Awards in late 2025, hosted by the Port of the Tyne.

NorthStandard also played a significant role in bringing ‘Festival of the Girl’ to the North East, making its historic debut outside of London in March 2026. The festival, which has already supported thousands of girls, provides a safe and inclusive space for them to try new and exciting activities, and meet inspiring female role models from a wide range of fields

Managing Director, Paul Jennings, said: “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”.

During 2025, the Club also strengthened its product offering in a number of areas. It consolidated its Coastal & Inland and Sunderland Marine teams under common leadership, and offered a ‘one stop shop’ for small and specialist craft. It also established an Upstream Energy and Marine & Energy Liabilities team to drive these distinct areas of focus, building on its experience in Offshore & Renewables.

“The shipping industry is navigating profound change, as technological advancement and the fuel transition reshape how vessels are operated, crewed, and maintained,” commented Grose. “Our services are evolving in step, ensuring Members can adopt new fuels, technologies, and operating models with confidence.”

“When risk is persistent, but also nuanced and fast-evolving, the ability to deliver deep expertise at scale and invest in innovation really matter,” added Jennings. “The volatility seen in investment markets over recent months also demonstrate the importance of holding a sizeable capital buffer.”

NorthStandard’s continued growth reflects both its global reach and its long-standing commitment to the North East. From Newcastle, the business continues to invest in specialist talent, create highly skilled roles, and support the region’s maritime and professional services economy.