Two of Britain’s best known P&I clubs have provided further details on the exclusive carried by Splash yesterday of a planned merger.
North P&I and Standard Club have entered formal discussions for a proposed merger to create a P&I powerhouse.
“Standard Club and North now have the opportunity to create one of the world’s leading and most influential P&I clubs, founded on exceptional service and innovation, a broader diversified product range, scale economies and global reach,“ said Jeremy Grose (pictured), CEO, Standard Club.
The companies stated in a release yesterday that the merger would help the new club navigate the continuing disruptive change affecting the maritime sector and better anticipate challenges ahead, backed by a strong capital buffer.
“With stronger financial resilience, the newly created club would be well-positioned to thrive in all conditions”, commented James Tyrrell, chairman at North. “In a changing and sometimes volatile maritime sector, North’s board has long recognised the potential value arising from considered and balanced consolidation in P&I,” he said. “Choosing the right partner is the first critical step towards success.”
The formal announcement yesterday follows the approval of the proposal by the boards of both clubs and notification to principal regulatory authorities of their intention to merge. A joint North and Standard Club working group has been appointed.
“The ambition behind the merger is to deliver tangible benefits to shipowners. The boards of both clubs have played a key role in guiding and shaping the proposal. Combining will provide greater financial resilience, efficiency and an even deeper pool of talent to maintain and strengthen the focus on service excellence and close member relationships for which both clubs are renowned,” said Cesare d’Amico, Standard Club’s chairman.
The proposed merger remains subject to the approval of the full mutual membership of both clubs and of all the appropriate regulatory authorities. Member voting procedures are anticipated to conclude by the end of May. If approved by the membership, the formal merger of both clubs is expected to complete by February 20 2023.
