The move will now be subject to regulatory approval from UK and overseas authorities, in the hope that the merger can be finalised on 21 February 2014. Once merged, SMMI will operate as a subsidiary of North P&I.
“Combining our business interests into one group will create one of the largest global marine insurance operations, providing enhanced financial stability for members, a greater diversity of product lines, ensured service excellence and a stronger competitive position,” said North chairman Pratap Shirke.
SMMI’s chairman Trevor Hart, who is set to joint North’s board together with SMMI chief executive Geoff Parkinson and director Peter Johnson, said: “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 members and policyholders of the combined operation.”
The two clubs’ combined premium income is currently $511m.
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