Members approve $750m merger of maritime insurers

The merger of shipping and marine insurers North P&I and Standard Club has moved a step forward after members of both mutuals voted in favour of the plans.

It paves the way for the creation of NorthStandard, which will have a combined workforce of 700, joint premium income of around $750m (£595.8m), assets of $2bn (£1.58bn) and will insure ships equivalent to 270m gross tonnes.