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North and Sunderland marine mutuals to merge
North P&I Club and Sunderland Marine Mutual Insurance (SMMI) are close to merging with a framework agreement due to be signed next week.
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The two mutual insurers have been working in an alliance since January 2012 and if the merger agreement is accepted by members will start merged operations in early 2014.
“We are now pleased to confirm that, following completion of both financial and legal due diligence, we will be entering into a framework agreement with SMMI which, subject to members’ approval and the satisfaction of various conditions, will form the basis of our proposed merger,” said Pratap Shirke, chairman of North.
“This is a very exciting opportunity for both clubs, combining North’s international portfolio of high quality, larger tonnage with SMMI’s wide spread of high-volume, small-tonnage risks and aquaculture expertise,” said Trevor Hart, SMMI chairman.
The merger is targeted for completion on 20 February 2014 and the two clubs will have a combined premium income of around $511m. The two clubs there would no changes to existing operations in the short term.
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