Reinsurance News

North P&I enters fixed premium market

14th October 2019 - Author: Staff Writer

UK-based marine mutual liability re/insurer North P&I Club has entered the fixed premium business for smaller vessels up to 10,000 gross tonnage.

North P&I logoDeployed under the Sunderland Marine trading name, the products’ policies will be secured by North, with certificates, blue cards and guarantees issued by North.

“Diversification is a significant feature of North’s overall strategic direction,” said Thya Kathiravel, North and Sunderland Marine’s Chief Underwriting Officer.

“We have now developed a high quality fixed premium P&I product and service proposition and are confident that our increasing profile in this sector will deliver meaningful financial benefits for our mutual membership.”

The new fixed premium product will be managed from North’s new London office by a newly appointed team consisting of Brian Davies, director; Gustavo Gomez, business claims manager; Sebastian Tjornelund, business development manager.

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“Coupled with the strength of service offered by North Group, Sunderland Marine is already well known for its superior proposition and statement of quality within the fishing and aquaculture sectors, where we are the acknowledged market leader. In keeping with that tradition, this new Owners’ P&I product will offer fairly priced, S&P ‘A’ rated security,” said Davies.

Paul Jennings, Chief Executive of North P&I Club and Sunderland Marine, added, “While we at North affirm our commitment to the International Group of P&I Clubs, we have recognised over time that Club cover is not suitable for all operators, especially of smaller tonnage.

“Our new fixed premium product meets an evident market need while not diminishing the virtues and benefits of the IG system that we support.”

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