Marine firms complete their merger

A merger between two of the North East’s key maritime insurance companies has been completed.

Sunderland Marine – which primarily specialises in insurance for specialist fishing and coastal vessels – has officially transferred its insurance business to parent company North P&I Club, following the merger in 2014.

The merger and transfer of business means that the North Group now employs 400 people globally, with premium income reaching £283m.

The completion of “Part VII” proceedings – as it is known in the industry – is the final step in a six-year journey for the two companies, with the merger formally combining two of the world’s oldest marine insurers.

Paul Jennings, CEO of North P&I Club, said: “Sunderland Marine’s 138 years as an independent business has come to an end, but we’re proud to be entering a new chapter for both Sunderland Marine and North.

“In North’s 160th year, we can say that we also know all about the value of lasting maritime relationships.”

To coincide with the completion of the transfer and to further embed Sunderland Marine within the North Group, a new brand identity and suite of digital resources have been launched.

This includes a new website, delivering speedier and easier access to Sunderland Marine’s products, services and resources, new apps and access to North’s GlobeView interactive map. GlobeView offers real-time information on maritime threats, incidents or status updates, and has been crucial in dealing with coronavirus.