Testing year passed with flying colours by insurer

MARINE insurer NorthStandard says it has navigated its "first test" as a combined group thanks to a year including serious maritime incidents and global geopolitical instability.

- TOM KEIGHLEY Business Reporter [e-mail]

One of the world's leading marine insurers, the Tyneside-based group said it had been an "unsettling" year in the protection and indemnity market but that it reported a steady performance in its latest annual review.

In its 2024/25 year, the mutual insurer saw premium income grow to $885.8m (£657.2m) from $835.8m (£620m) while it reported a $96m (£71.2m) underwriting deficit compared with an underwriting result of $45.8m (£33.9m) the year before.

This was offset by a 5.9% return on investments, up from 4.9%.