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Sunderland Marine News

30 Jun 2020

North Completes Integration of Sunderland Marine

North Chief Executive Paul Jennings (Photo: North)

North P&I Club announced it has completed the integration of the Sunderland Marine Insurance Company Limited business into parent company The North of England Protecting and Indemnity Association Limited.The formal transfer of business, which takes effect Tuesday, comes six years after the merger of interests between North and Sunderland Marine in 2014.North Chief Executive Paul Jennings says the integration further embeds Sunderland Marine’s specialist fishing and coastal vessels…

04 May 2020

North P&I Launches New Insurance Product

Thya Kathiravel (Photo: North P&I)

A new offering from North is designed for larger ocean-going vessels and will complement the H&M insurance already available from Sunderland Marine for fishing vessels and other small craft. WeThe P&I club expects the new line will be taken up by a number of Members, whilst it is also open to non-Members. The focus from an underwriting perspective will be on quality of risk and suitability of terms.In support of the product, North has added significant underwriting expertise from…

13 Aug 2018

North P&I Club Strengthens Greek Presence

Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club, Michael a qualified South African attorney and registered solicitor in England and Wales, leaves with our best wishes for his relocation home to Durban and future legal career.Paul Jennings…

12 Jul 2018

North P&I Club, 24Vision Sign Partnership Agreement

North P&I Club and 24Vision announced today that they have entered into a partnership agreement, with effect from 1 July 2018, to provide P&I insurance to charterers and small ship operators. As part of 24Vision’s wider service proposition to their marine industry clients, the partnership agreement provides for North P&I Club to be the insurance carrier for 24Vision’s marine liability products. “An alliance with North P&I Club puts us in an excellent position to provide our clients with top-rated security,” says Rocco Bozzelli, Managing Director of 24Vision Insurance Solutions. Paul Jennings, Chief Executive Officer of North P&I Club, highlights the importance of the partnership. “We are happy to work with 24Vision to develop our business through a professional and specialist partner.

20 Nov 2017

Brexit Prompts North P&I Club to Set up Dublin Subsidiary

British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move. Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs like North could weaken other parts of the country’s multi-billion pound shipping services sector.

26 May 2016

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.3 percent in the financial year ended February 20, 2016. This brings the combined ratio average of the past five years down to 95.7 percent, amongst the best in the International Group. The Directors approved North’s 2015/16 financial statements at their meeting on May 18, 2016. Commenting on the results, Chairman Pratap Shirke said, “This is a very pleasing set of results that reflects not only a more benign claims experience but also the prudent steps taken by the Club to improve underwriting performance and strengthen our capital position.

24 Nov 2015

North Group Increases Projected Free Reserve

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million, an increase of 12 percent on last year and $20 million more than estimated at the half-year point. The directors also forecast that North’s combined ratio will improve from 109 percent to 87 percent this year. "The Club’s long-term average combined ratio is amongst the best within the International Group of P&I Clubs," Shirke said. He confirmed North has set a general premium increase of 2.5 percent for both P&I and freight, demurrage and defence (FD&D) for the 2016/17 policy year.

05 Jul 2015

Parkinson Retires from Sunderland Marine

Geoff Parkinson, chief executive officer of North P&I Club’s subsidiary Sunderland Marine, retired on 30 June 2015 following a period of ill health. Tom Rutter, head of the company’s aquaculture business, will continue as interim chief executive officer until a permanent appointment is made. Parkinson (60) led the international fishing vessels, small craft and aquaculture insurer for 19 years and played a major role in negotiating its acquisition by the 170 million GT ‘A’ rated North in February 2014. He joined Sunderland Marine in 1972 as a junior claims clerk, rising through claims manager and overseas development manager to board director in 1993. Three years later he was appointed chief executive officer following the retirement of Barry Gristwood.

08 Aug 2014

North P&I Club's New Strategy to Pay Dividends

The 180 million GT, ‘A’ rated North P&I club has confirmed another ‘positive' financial result in its annual Management Report published today (7 August 2014). It has also set out a new proactive management strategy designed to ensure the club's continuing success. Chairman Pratap Shirke says, 'Overall this has been a very positive financial year for North, with a strong technical underwriting result. He said North achieved a breakeven result in the year to 20 February 2014 despite experiencing its two largest-ever claims plus a significant financial impairment resulting from a change in international accounting policy, which required a US$33 million pension scheme deficit to be included in the balance sheet.

03 Mar 2014

North P&I, Sunderland Merge to Form North Group

North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) merged to form the North Group on Friday 28 February 2014 following approval by the Bank of England’s Prudential Regulatory Authority and other U.K. and overseas regulators. The merger between two of the longest-established and most successful international marine insurance businesses - both of which are based in north-east England - has created one of the largest global marine insurance operations, with a premium income of over $500 million, free reserves of $350 million and total assets of $1,500 million. North Group has been over two years in the making, starting with a strategic alliance between North and SMMI in January 2012.

29 Jan 2014

North P&I and Sunderland Marine to Merge

The members of North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) have voted in favor of the clubs' recent proposals to merge. A target date of February 21, 2014 has been set for the merger, which will create one of the largest marine insurance operations. At their general meeting on 16 January 2014, North's members approved the terms of the merger framework agreement signed by the two north-east England based mutuals last month.

13 Aug 2013

P&I Clubs Mull Merger

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.

08 Aug 2013

North P&I Club, Sunderland Discuss Merger

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 said, “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. SMMI’s chairman Trevor Hart said, “SMMI and North…

06 May 2009

Safety Program for Commercial Fishing Vessels

The Chesapeake Marine Training Institute (CMTI) offers a maritime safety program specifically for commercial fishing vessels. “Since its inception, hundreds of boats and crew members have completed the program and the demand just keeps increasing,” said John O’Leary, maritime safety instructor for CMTI and the head of the safety and survival program. “In an industry that is already struggling, the program is becoming increasingly requested and thanks to the funding of the insurance companies, we can continue to grow and increase its numbers.” This program is offered by Sunderland Marine Mutual Insurance Company, Ltd through Brown and Brown Flagship in a joint effort to reduce casualties.

28 Jul 2003

Vessel Tied off to Mooring Buoy Must Comply with Anchor Rules

The U.S. Court of Appeals for the Eleventh Circuit ruled that a vessel tied off to a mooring buoy is anchored, rather than moored. In the instant case, defendant's barge was tied off to a mooring buoy outside the regular navigation channel. The barge was not lit at night, nor was it sounding fog signals. Plaintiff's shrimp boat got off course at night in the fog and allided with the barge. Defendant contended that it did not contribute to the allision. The court held that, since the barge was anchored, rather than moored, and was not lit and was not sounding signals, that it was in violation of the navigation rules. Sunderland Marine Mutual Insurance Co., Ltd. v. Weeks Marine Construction Co. Source: HK Law

07 Aug 2003

News: Vessel Tied off to Mooring Buoy Must Comply with Anchor Rules

The U.S. Court of Appeals for the Eleventh Circuit ruled that a vessel tied off to a mooring buoy is anchored, rather than moored. In the instant case, defendant's barge was tied off to a mooring buoy outside the regular navigation channel. The barge was not lit at night, nor was it sounding fog signals. Plaintiff's shrimp boat got off course at night in the fog and allided with the barge. Defendant contended that it did not contribute to the allision. The court held that, since the barge was anchored, rather than moored, and was not lit and was not sounding signals, that it was in violation of the navigation rules. Sunderland Marine Mutual Insurance Co., Ltd. v. Weeks Marine Construction Co. Source: HK Law

11 Dec 2002

Moore Stephens Appointed by Sunderland Marine

Moore Stephens Consulting Ltd., has been appointed by Sunderland Marine to implement a Business Intelligence solution on a Microsoft SQL 2000 platform, coupled with the award winning ProClarity analytical software. which is already underway, will help Sunderland Marine to improve control of risks underwritten and monitor key performance indicators. Stephen Downing, Director from Moore Stephens Consulting said, 'the Business Intelligence project will provide Sunderland Marine with access to powerful analytics and data visualisation, either on their desktops or via the web. Geoffrey Parkinson, CEO at Sunderland Marine said 'we chose chose…