P&I Clubs Mull Merger

MarineLink.com
Tuesday, August 13, 2013
Pratap Shirke: Photo courtesy of North of England P&I Club

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger.

The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012.

North's Chairman Pratap Shirke says, ‘As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger. It will result in one of the largest global marine insurance providers, which North's directors believe will provide considerable financial stability for the Club's Members and significantly enhance our competitive position.'

SMMI's chairman Trevor Hart says, ‘SMMI and North are two of the longest established and most successful international marine insurance businesses based in north-east England and have long enjoyed an open relationship.  Combining the business interests into one group would create a significant global marine insurance operation, enabling us to continue growing our business with a competitive edge, whilst maintaining service excellence.'

Both clubs have long histories. North was formed in 1860 and SMMI in 1882 and both are known for their philosophies of providing high levels of service to their Members. The combined group would provide enhanced financial stability for Members, as well as an augmented diversity of product lines, whilst maintaining service excellence and enhancing the competitive position.

The merger is subject to satisfactory due diligence from both parties, the agreement of relevant legal documentation as well as regulatory approvals and membership approval. Further announcements will be made in October 2013.

 

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Children’s Day at Gazprom Transgaz Saratov

On May 31 and June 1, 2014 . Over two thousand children from the Saratov, Tambov and Penza Regions took part in sports competitions, environmental quizzes and

Rolls-Royce Appoints Ruth Cairnie as Non-Executive Director

Rolls-Royce is pleased to announce that Ruth Cairnie has been appointed as a Non-Executive Director of the Company with effect from 1 September 2014. Ruth

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

Mergers & Acquisitions

“K” Line and Ports America Deal on Strategic Partnership

KAWASAKI KISEN KAISHA, LTD. (“K” Line) is pleased to announce that “K” Line and Ports America have agreed to form a strategic partnership aimed at enhancing

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1256 sec (8 req/sec)