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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Mergers & Acquisitions

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2078 sec (5 req/sec)