North P&I Club has confirmed its move into the fixed premium insurance market for small merchant ships after recruiting an expert team from the American Club.
Its fixed premium product, aimed at vessels of less than 10,000 gt, will be marketed through North P&I subsidiary Sunderland Marine from a new London office.
Sunderland Marine’s primary business line is providing insurance cover to the fishing industry.
The fixed premium initiative will be headed by director Brian Davies, business claims manager Gustavo Gomez and business development manager Sebastian Tjornelund.
The three-man team was recruited from the American Club this year after helping build up its successful fixed premium company, Eagle Ocean Marine.
Broader strategy
Davies said: “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 owner’s P&I product will offer fairly priced, Standard and Poor’s A-rated security.”
The move is expected to be the start of a much broader diversification strategy by North P&I.
Savraj Mehta, recently appointed chief commercial officer, will head that strategy from London.
Thya Kathiravel, the club’s chief underwriting officer, said: “Diversification is a significant feature of North’s overall strategic direction.
“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.”
