NORTHSTANDARD LIMITED

1. NORTHSTANDARD LIMITED 2023-02-20 → present
2. THE NORTH OF ENGLAND PROTECTING AND INDEMNITY ASSOCIATION LIMITED 2023-01-26 → 2023-02-20

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“After making enquiries, the Directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future (a period of at least twelve months from the date of approval of the financial statements). For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.”

Group structure

1. NORTHSTANDARD LIMITED · parent
   1. NorthStandard EU Designated Activity Company 100% · Ireland
   2. The Standard Club Asia Ltd. 100% · Singapore
   3. The Standard Club Designated Activity Company 100% · Ireland
   4. The Standard Club UK Ltd 100% · UK
   5. The Standard Club Limited 100% · Bermuda
   6. NorthStandard Group Services Limited 100% · UK
   7. NorthStandard Services Asia Pte. Limited 100% · Singapore
   8. NorthStandard (Americas) Inc. 100% · USA
   9. NorthStandard Marine Consultant (Shanghai) Ltd Co. 100% · China
   10. NorthStandard Marine Consultants Korea Co., Ltd 100% · Republic of Korea
   11. Standard Club Management (Bermuda) Limited 100% · Bermuda
   12. Standard Club Management (Europe) Limited 100% · Ireland
   13. Standard Club Management (UK) Limited 100% · UK
   14. NEPIA Trust Company Limited 100% · UK
   15. North Risk Services Limited 100% · UK
   16. North of England Insurance Services, Inc. 100% · USA
   17. Harlock Murray Underwriting Limited 100% · Canada
   18. Harlock Murray Underwriting LLC 100% · USA
   19. Hydra Insurance Company Limited (NorthStandard Cell) 100% · Bermuda

Significant events

• “Our six geographically structured 'bluewater' sectors successfully completed their first fully combined NorthStandard renewal on February 20 2024, exceeding their business plan targets and maintaining a high level of member retention.”
• “In 2024/2025 our specialty business continued to expand, achieving sustainable growth in annual premium income from our existing sectors, whilst continuing to look for other ways to diversify our business and expand our product offering.”
• “During the year, we entered into a new strategic partnership with renewables-focused NIORD that will see NorthStandard provide capacity to insure fixed and floating wind farms and renewables devices and work to develop other sector-specific liability products.”
• “The Sunderland Marine and Coastal & Inland teams also launched a new 'one-stop' shop product for smaller commercial vessels worldwide.”
• “Investment in new and innovative digital services has continued with the launch of our Get SET! Initiative, offering a portfolio of vessel-based loss prevention technologies to enhance situational awareness onboard ships.”
• “NorthStandard Limited acquired an office in London during the year with a view to exiting currently leased premises following refurbishment of the acquired building.”
• “We have also continued to expand our global office network with the opening of our claims liaison subsidiary in Seoul, South Korea, on 1 April 2024.”
• “Following the merger at 20 February 2023, NorthStandard Limited continues with its plans to rationalise its group structure. Certain subsidiaries of the Groups are surplus to requirements, for example where their function is replicated in another Group entity, and therefore are being put into run-off or becoming dormant.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +5.3%

  £631,727,205 → £665,455,893

• Cash

  -15.1%

  £188,065,234 → £159,599,703

• Net assets

  +0.8%

  £342,105,263 → £344,922,165

• Employees

  +6.4%

  669 → 712

• Operating profit

  -155%

  £31,430,689 → -£17,272,053

• Profit before tax

  -97.3%

  £107,931,801 → £2,891,030

• Wages

  +10.1%

  £59,599,703 → £65,604,151

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers