North P&I Club, Sunderland Discuss Merger

MarineLink.com
Thursday, August 08, 2013

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. 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 said, “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.

nepia.com

smmi.co.uk

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

People & Company News

Evergreen Line's Ital Lunare to Make Maiden Call in Boston

As part of the new service linking North Asia and the U. S. East Coast (NUE2), Evergreen Line's containership Ital Lunare will make the first ever direct call into

FARO 3D Documentation Conference

The FARO 3D Documentation Conference, to be held October 13-15, 2014, was created as a forum for sharing knowledge, best practices and insight into the world of laser scanning and 3D documentation.

Elco Launches Electric Outboard Motor Line

Expansion into outboard category brings benefits of electric propulsion to even more boaters Elco Motor Yachts, a company in electric and hybrid marine propulsion for more than 120 years,

News

CEVA Expands Presence in Los Angeles Market

CEVA Logistics, one of the world’s leading supply chain management companies, today announced the expansion of its Los Angeles (LAX)/Torrance freight management operation.

First Oil in Salamander FSO at Bualuang Field

Salamander announces that first oil has been received in the tanks of the newly converted Suksan Salamander Floating Storage and Offtake Vessel (“FSO”) at the

Delivery & Naming of Atlantic Offshore´s ERRV – Ocean Marlin

On August, 13th the delivery and naming ceremony of our last construction, the ERRV C722- Ocean Marlin - for Atlantic Offshore was performed. The event was held in the Norwegian town of Stavanger,

Insurance

American Club Issues Steel Cargo Warning

The American P&I Club has updated its advice to members on the handling of steel cargoes. It has done so in consequence of some recent cases where the absence of

NASCO Win AEU Longshoreman Safety Award

The North America Stevedoring Company (NASCO) division (Chicago) of Quebec Stevedoring says it has received a coveted award under the American Equity Underwriters Inc.

Dryad Maritime: Ocean Ambush “Game Changer”

In the early hours of Saturday 9th August 2014, the radar of a product tanker transiting south, 200 nautical miles off the Nigerian shoreline detected a probable

Mergers & Acquisitions

CEVA Expands Presence in Los Angeles Market

CEVA Logistics, one of the world’s leading supply chain management companies, today announced the expansion of its Los Angeles (LAX)/Torrance freight management operation.

Delivery & Naming of Atlantic Offshore´s ERRV – Ocean Marlin

On August, 13th the delivery and naming ceremony of our last construction, the ERRV C722- Ocean Marlin - for Atlantic Offshore was performed. The event was held in the Norwegian town of Stavanger,

Scorpio Tankers on Major Fleet Expansion

Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it has reached an agreement with an unrelated third party to purchase an MR product tanker

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1384 sec (7 req/sec)