During a year of intense global shipping challenges, NorthStandard projects improved underwriting performance and increased free reserves.
NorthStandard’s premium income is expected to exceed US$930 million for the year ending 20 February 2026 (increasing from US$886 million in 2024/25), with investment returns improving to 9% (from 5.9% and 4.9% in preceding years).
Reflecting these results, free reserves are projected to surpass US$900 million. This is an increase from US$800 million in February 2025 and well above the S&P Global requirements to retain its ‘AAA’ capital status.
NorthStandard has maintained poolable tonnage at 270M GT, following a renewal focused on rebalancing its global risk portfolio.
Paul Jennings, Managing Director of NorthStandard, stated, “We are grateful for our Members’ continued support and loyalty. Strong Member retention and commitment during renewal reflects the value and importance they place on the high levels of expert service NorthStandard teams deliver daily around the world.”
Chief Underwriting Officer Thya Kathiravel confirmed improving underwriting performance for 2025-26, with a projected combined ratio of 105% – a marked improvement on last year’s 113.8%.
NorthStandard’s successful diversification strategy directly contributed to the improved results. Premiums from speciality lines have grown 40% since 2023. These lines have consistently achieved a combined ratio of 90% or less, directly improving the 2025/26 underwriting result and strengthening NorthStandard’s financial resilience.
The Club’s diversification plans advanced steadily throughout the year, marked by ongoing progress across multiple initiatives. The Coastal & Inland-Sunderland Marine joint product for Hull and P&I, first introduced in 2025, continued to build strong market momentum. The renewables partnership with NIORD/Norwegian Hull Club also achieved significant milestones. Additionally, in Autumn 2025, NorthStandard announced the recruitment of a new Upstream Energy and Marine & Energy Liabilities team. Reflecting on these developments, Jeremy Grose, Managing Director of NorthStandard, noted that further diversification will also drive premium growth next year, as ‘churn’ from newbuilds replacing older tonnage could dampen premium growth for bluewater tonnage.
Three years after the merger, the benefits of scale were increasingly evident. Grose said: “Diversification, leaner operations, sound investments and consolidation have created the critical mass to open new offices and overhaul our digital services. We have also expanded our risk management tools, introduced a range of AI-led initiatives across our business, and broadened the scope of our loss prevention products for the direct benefit of our Members.”
An investment in incentivising Members to use ORCA AI’s situational awareness platform for safer navigation has proved effective, attracting 170 ships. NorthStandard has supported the sign-up of 24 members to the BetterSea digital fuel pooling marketplace and attracted 509 users to a free-for-members fuel performance analytics platform from VPS.
Grose commented, “With our team’s dedication and Members’ trust, NorthStandard remains a resilient, forward-looking partner to the global maritime community.”
Looking ahead to 2026 and beyond, Jennings said, “Our focus is to support Members with the stability, strength, and innovation NorthStandard is known for. This year’s results prove our strategy is working and we intend to keep leading our industry forward.”
