NorthStandard launch a new collaboration with Tokio Marine
NorthStandard, a leading global marine insurer, have teamed up with Tokio Marine to offer Japanese ship owners more insurance options through a new mutual P&I collaboration. This complements the existing TS21 program by catering for ships where Tokio Marine are not the lead H&M insurer.
The new collaboration offers the same level of coverage and risk management as TS21, but with a unique twist: NorthStandard and Tokio Marine have formed a collaborative risk-sharing model that aligns the interests of the insurers and the shipowner, fostering true partnerships for long-term success. NorthStandard will handle all claims and underwriting matters, while Tokio Marine will utilise their market knowledge and sales network to reach new customers. The new collaboration will be available from 20 February 2024, coinciding with the next P&I renewal date.
Sumito Dosaka, Underwriting Director – Asia Pacific at NorthStandard, said “This partnership is a natural progression in our commitment to the Japanese market. By joining forces with Tokio Marine, we can offer a wider range of services and ensure that Japanese ship owners have access to the best possible P&I coverage.”
In addition, NorthStandard has further demonstrated its dedication to Japan by expanding its Tokyo team and relocating to a new office, closer to Tokyo Station.
The collaboration between NorthStandard and Tokio Marine marks a significant step forward in the Japanese P&I insurance landscape, offering greater choice, protection, and ease for ship owners, and solidifying both companies’ commitment to the maritime industry and the success of Japanese businesses.
Pictured: Ryota Kitazawa – P&I Claims Director, Sumito Dosaka – Underwriting Director, Masaki Maeda – Claims Liaison Director and Nobuhiko Sakamoto – P&I Claims Senior Executive from NorthStandard