Common Questions

When did NorthStandard form and who merged to create it?: NorthStandard was formed in February 2023 from the merger of North P&I Club and Standard Club, both long-standing members of the International Group of P&I Clubs.
What happened to Iran shipping insurance in March 2026?: Five International Group P&I clubs — including NorthStandard — simultaneously cancelled cover for Iran-related voyages on 5 March 2026, removing the majority of internationally-insured shipping from Iranian trade routes.Source: event
What does a P&I club do for shipowners?: A P&I club covers third-party liabilities that hull insurance does not: pollution penalties, wreck removal costs, crew injury and repatriation, and cargo claims. Cover is a prerequisite for port entry and flag-state certification.

Background

NorthStandard is a UK-based Protection and Indemnity mutual insurer formed in February 2023 from the merger of North P&I Club and Standard Club, two of the oldest members of the International Group of P&I Clubs. The combined entity is one of the five largest P&I clubs by tonnage and covers a diverse fleet including tankers, bulkers, cruise ships, and offshore vessels. On 5 March 2026, NorthStandard joined Gard, London P&I Club, American Steamship Owners Mutual, and West of England in cancelling cover for Iran-related voyages, citing heightened sanctions risk following US designation of additional Iranian shipping entities.

Headquartered in Newcastle upon Tyne and with offices in Singapore, Hong Kong, and Piraeus, NorthStandard operates under UK FCA regulation. Its merger was driven by the need for scale in an era of consolidating global shipping insurance; the combined club brought together the complementary strengths of North's Nordic/European membership base and Standard's Asian-focused book.

The club's Iran cancellation is doubly significant because its predecessor, Standard Club, had historically maintained Iranian-route cover during periods of partial sanctions relief. The 2026 cancellation signals a complete rupture of any remaining commercial relationship.

Source Material

NorthStandard

How the World Sees Them

UK government

Cancellation consistent with UK sanctions alignment; FCA-regulated clubs face licence risk if they maintain Iran cover.

Shipping operators

The merger-born scale of NorthStandard means its withdrawal leaves a disproportionately large gap that specialist or state-backed insurers cannot easily fill.