North P&I Club is to open an office in London next month — on the doorstep of the Lloyd’s of London building — to spearhead the mutual’s diversification.
The Newcastle-based insurer has always been staunchly proud of its roots in the north-east of England, and has based its huge legal freight demurrage and defence practice, underwriting, claims and executive teams at its headquarters in the city.
Despite being one of the largest members of the 13 International Group of P&I Clubs — with regional offices in Hong Kong, Shanghai, Piraeus, Tokyo and Singapore — it has been the only one without representation in London.
Capital idea
However, an ongoing diversification strategy, which began with the acquisition of Sunderland Marine in 2014, has encouraged the protection and indemnity club to open an office in the UK capital.
The importance the outfit is placing on the London office is reflected by the decision to station its recently appointed chief commercial officer Savraj Mehta there.
Whilst Newcastle remains the spiritual home for North, our new London office will open new opportunities for the club
Paul Jennings
Paul Jennings, chief executive at North of England P&I and Sunderland Marine, told TradeWinds: “Our new London office, opening in early September, will accommodate North’s main diversification initiatives, with our new owners’ P&I fixed premium insurance line from Sunderland Marine operating from the office.
“In addition, the new office will provide an expanded base for North’s normal day-to-day business activities in the City.
“Savraj Mehta, North’s chief commercial officer, will be based in the office as he spearheads North’s activities with the London broking community.
Spiritual home
“Whilst Newcastle remains the spiritual home for North, our new London office will open new opportunities for the club.”
TradeWinds previously reported North P&I had recruited staff to boost its fixed premium team from Eagle Ocean Marine, part of the American Club. Those staff will now work from its London base.
The London office is slated to open in Lloyd’s Avenue on 11 September.
