A joint and mutual insurer, NorthStandard has unveiled deeper cooperation with its partner Noord Nederlandsche P&I Club (NNPC).
The new reinsurance plan consolidates NorthStandard as NNPC’s reinsurer and puts into NNPC’s strategies for growth and diversification, boosted by improved products and services from NorthStandard.
This partnership formed during the signing ceremony which took place in Newcastle is based on the previous agreement between NorthStandard and NNPC signed in 2008.
This is to provide more added value to the shareholders of NNPC and consumers in addition to enhancing the company’s competitive foothold in the Northern European coastal Insurance market.
NNPC Chairman of the board of directors, Rob Beets (left) described the collaboration as fitting its vision for the next years.
NorthStandard is a key partner for NNPC; taking our successful past and the future that we envision together we are proud to solidify our relationship with NorthStandard trusting that this will assist NNPC in fulfilling its long term goals of growth and diversification, Beets said.
NorthStandard’s managing director, Jeremy Grose (as shown on the photo above, right), focused on the fact that both business parties stand to benefit from the agreement.
“We are pleased to move up from a business association to a new formal partnership with NNPC, having worked together for more than 15 years.” “We hope to continue partnering with the NNPC team to actualize our long-term growth ambitions, and get a partner in Europe.”
It outlines a partnership model designed to improve products portfolios and increase the insurers’ market share in their regions.
In its earlier this month report, the marine insurer described a high claims environment with several individual claims of amounts greater than $1 million impacting its operations.
NorthStandard claimed that this rise originates from a higher quantity and total worth of pool claims made this year and several unique club claims.
