NorthStandard to become exclusive reinsurer for Noord Nederlandsche
International Group affiliate to build on longstanding links that give smaller Dutch marine mutual access to pool scheme
NNPC expanding beyond Dutch roots into inland market
NORTHSTANDARD is to become exclusive reinsurer for Noord Nederlandsche P&I Club, the two sides have announced in a joint statement this morning.
An agreement signed in Newcastle yesterday will also allow the Dutch marine mutual to offer certain additional NorthStandard products to its shipowner clients, although further details were not immediately specified.
NNPC was founded in Groningen in 1937 and largely caters for the northern European coastal sector.
It has grown beyond its local Dutch roots and is now active in Belgium, Luxembourg and Germany and has expanded into the inland market in the past decade.
In 2008, it began to reinsure through a number of International Group clubs including Steamship Mutual, Skuld, Britannia and both North of England and Standard prior to the merger of the latter two clubs last year.
Through this mechanism, it has access to the pool scheme, even though it is an associate member rather than a full member of the IG.
NorthStandard will now be its sole reinsurer.
NorthStandard managing director Jeremy Grose said: “We look forward to working with the NNPC team to achieve our shared long-term growth targets and securing a partner on the European continent.”
NorthStandard is now the second-largest club in the IG, providing cover for over 390m gt of owned and chartered tonnage and generating annual premium income of around $800m.
It is asking members for a 5% general increase at the coming renewal round, after a run of major casualties, including two confirmed and three potential pool claims in the current policy year.
NNPC was on the hook for Verity, the British general cargoship that capsized and sank with the loss of five lives in the North Sea in October 2023.
According to its 2023 annual report, it provides cover for 350 coastal and 3,500 inland vessels, with gross premium income of €17.1m ($18m).
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