North and SMMI together at last

Dubbed North Group, the merger, first proposed in January of 2012, now forms one of the largest marine insurance operations with a premium income of $500m, as well as free reserves of $350m and total assets of $1.5bn.

North’s joint managing directors Alan Wilson and Paul Jennings join as managing directors of North Group, alongside SMMI directors Trevor Hart and Peter Johnson and chief executive Geoff Parkinson.

“Combining our business interests has created one of the largest global marine insurance operations, providing enhanced financial stability for members, a greater diversity of product lines, continued service excellence and a stronger competitive position,” said North’s chairman Pratap Shirke. “The North Group has the ability to service the needs of the entire marine spectrum, from small fishing vessels to the largest ships.

“The merger combines North’s international portfolio of high quality, larger tonnage with SMMI’s wide spread of high-volume, small-tonnage risks and aquaculture expertise. Together we will offer a more diverse product range, identify and develop new sources of business income and provide greater levels of service and security to all our shipowner members and policyholders.”