Financial & Regulatory

Sunderland Marine and NorthStandard Limited (NorthStandard)

Sunderland Marine is a trading name of the S&P Global ‘A’ rated marine mutual NorthStandard Limited or North of England P&I DAC.

NorthStandard Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  NorthStandard also operates two licensed branches in Australia and New Zealand, which offer our products under the Sunderland Marine trading name.

Sunderland Marine’s business in the EEA is underwritten by North of England P&I Designated Activity Company, a wholly-owned subsidiary of NorthStandard incorporated in Ireland and regulated by the Central Bank of Ireland.

Financial

US Foreign Account Tax Compliance Act (FATCA)

FATCA is designed to increase transparency for the US tax authorities in relation to US persons earning income through non-US institutions. FATCA imposes withholding tax obligations where required reporting obligations are not met. To support FATCA compliance, our FATCA Forms can be viewed on the NorthStandard, formerly North’s website.

Solvency Disclosures: New Zealand

NorthStandard Limited (NorthStandard) has calculated its solvency margin at 20th February 2024 as required by the UK Prudential Regulation Authority (NorthStandard Solo). NorthStandard is also required to produce a calculation for its Group (NorthStandard Group) and has done so as at 20th February 2024.

The actual solvency capital for NorthStandard at 20th February 2024 is NZ$826.8 million. The minimum solvency capital requirement is calculated using a risk based approach as NZ$373.3 million. The solvency margin, being actual solvency capital in excess of the minimum solvency capital requirement, is NZ$453.5 million and the solvency ratio is 222%.

Ratings

NorthStandard Limited has an ‘A’ credit rating from the financial rating agency S&P Global.

Ratings are given between AAA – D.

For more information on S&P Global, please visit.