Nick Wolfe has been appointed deputy global director (underwriting) at North P&I Club as it aims to step up its diversification.
Wolfe joined the protection and indemnity mutual last year from broker Aon to help it build up a hull and machinery insurance business.
He had previously worked at Marsh. In his new role, Wolfe has been tasked with building on North P&I Club’s growing diversification into fixed premium and hull and machinery insurance.
He joins two other deputy global directors, Simon Main and Steve Rebair, who have responsibility for North P&I’s underwriting.
“Our transformation from monoline P&I club to diversified global marine insurer continues and Nick’s new role will empower him to drive our diversification strategy forward...” said chief executive Paul Jennings.
The club’s recently released annual figures showed that its diversified lines, outside the main P&I business, had income growth of $60m in the last policy year.
Insurance broker Gallagher recently reported that those P&I clubs with diversified businesses are largely better placed to cope with low rates in the main P&I business.
North P&I’s main diversified businesses are its hull and machinery outfit, North Hull, and fixed premium and aquaculture insurance provider, Sunderland Marine.
The club’s chief underwriting officer, Thya Kathiravel said: “The new facilities have all established strong positions in their markets in a short space of time and are making a significant contribution to premium growth. We look forward to further progress under Nick’s assured guidance.”
