Global law firm Norton Rose Fulbright has advised North P&I Club on its proposed merger with the Standard Club. The merger is expected to complete by February 20, 2023, subject to regulatory approvals.
The merger will create a new global marine insurer and one of the largest providers of mutual insurance cover in the maritime industries. With over 300 years of shared P&I heritage, the combined mutual insurer would provide cover for vessels equivalent to 400M GT.
The firm advised North P&I Club on the merger.
Matthew Foster, London-based corporate partner who co-led the team on the deal, commented:
“This is an exciting opportunity for both companies to come together to create one of the world’s leading providers of insurance in the maritime industry with greater resilience and scale; ready to innovate to embrace the changes effecting the P&I and wider maritime industries.”
The team was co-led by Maria Ross and included Dominic Stuttaford, Ian Giles, Simon Baker, and Ian Forbes, with a large cross-departmental team assisting with diligence aspects which included Mike Knapper, Magdalene Lie, Isabella Martinez-Sistac Orozco, Linda Kabi, Katie McDougall, Andrew Reeves, Claudia Culley, Matthias Ng and Ben Doble. Further assistance was provided by paralegals and apprentices Hamza Islam, Hobz De Caux and Rebekah Drysdale, from the firm’s London and Newcastle offices.