North and the Standard Club - A personal message from our CEO, Paul Jennings

Just over seven weeks ago we announced an intention to merge with the Standard P&I Club, one of the larger leading P&I clubs in the International Group. The reason for our desire to merge is we believe bringing North and Standard together will create a more financially resilient, competitive, and service-driven P&I club. Timing is important; for many years our board has considered consolidation, but we needed the right partner. We believe Standard is the ideal partner. The benefits can be summarized in two areas: economic/financial and service. On the financial side, combining creates scale, reduces volatility, and allows us to buy reinsurance more strategically. There are also savings from removing duplication in regulatory operations and as we grow. On the service side, both clubs are known for high service levels, and we want to create something better than both. Our vision is a diversified marine insurer. The response from members has been overwhelmingly supportive. Some ask about competition; I believe this will actually increase competition by correcting a lopsided market and driving all clubs to operate more competitively. I'm passionate about North, having worked here for three decades, and I'm proud of our journey from a small provincial club to a leading International Group club. This merger will consolidate and improve our position. Please vote in favor at the EGM on May 27th. Contact me with any questions. Thank you for your support.