North’s chairman Pratap Shirke said that the societies were considering a merger “as a result of business similarities” between the two companies. “. It will result in one of the largest global marine insurance providers, which North’s directors believe will provide considerable financial stability for the club’s members and significantly enhance our competitive position.”
“Combining the business interests into one group would create a significant global marine insurance operation,” said SMMI’s chairman Trevor Hart, “enabling us to continue growing our business with a competitive edge, whilst maintaining service excellence.”
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