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U.K.-based marine insurer The Standard Club Ltd. and The North of England Protecting and Indemnity Association Ltd. have received formal approvals to finalize their proposed merger and form NorthStandard, Hellenic Shipping News Worldwide reported. Paul Jennings, chief executive at North, and Jeremy Grose, chief executive at Standard Club, will lead the new entity. NorthStandard will become one of the largest providers of mutual cover in the maritime industry, with consolidated annual premiums of $750 million.