North of Englad P&I Association and SMMI deal would create one of the largest mutual global marine insurers
Two north-east England-based marine insurers have agreed to a merger that would create one of the largest mutual global marine insurance providers.
Managers at mutual insurers North of England P&I Association and Sunderland Marine Mutual Insurance agreed the deal after signing a reinsurance contract last January. The merger is subject to due diligence as well as approval from the insurer’s members and regulators.
The companies said the combined group would offer improved financial stability and a wider range of product lines to its members.
SMMI typically insures smaller vessels, while North usually insures larger ships. North has net written premiums of about $300m (£193m), compared with SMMI’s £40m.
North chairman Pratap Shirkes said: “North’s directors believe this will provide considerable financial stability for the club’s members and significantly enhance our competitive position.”
SMMI chairman Trevor Hart said: “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, while maintaining service excellence.”
Ratings agency Fitch said the merger could have a positive effect on SMMI’s A rating.
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