North P&I Enters Blue-Water Hull, Machinery Market

Global marine insurer North P&I has entered the blue-water and hull and machinery market with a new insurance product line.

The new offering from North is designed for larger ocean-going vessels and will complement the H&M insurance already available from Sunderland Marine for fishing vessels and other small craft. The new line will be open to the company’s existing members as well as non-members. The focus from an underwriting perspective will be on quality of risk and suitability of terms.

In support of the product, North has brought on underwriting expertise from within Lloyd’s to its H&M insurance teams with the appointment of James Sutton (class underwriter) and Alex Fuller (senior underwriting executive). Sutton and Fuller will be based in North’s London office.

Additionally, North’s made two other appointments for the new offering. Nick Wolfe has been appointed as an underwriting department director. Wolfe joins North from Aon, where he was the global broker’s head of Shipping for Asia, based in Singapore. In addition, Andrew Hearne has been appointed as director responsible for members, traders and charterers in the Europe region. Hearne joined North in 2017 from a London-based P&I insurer.

North P&I Club is a global marine insurer providing P&I, FD&D, war risks and ancillary insurance to over 230 million GT of owned and chartered tonnage. Through its guaranteed subsidiary Sunderland Marine, North is also insures fishing vessels, small craft, aquaculture risks and owners’ fixed premium P&I cover. The club is based in Newcastle upon Tyne, UK with regional offices and subsidiaries in China (Hong Kong and Shanghai), Greece, Ireland, Japan, Singapore, USA and Sunderland Marine offices worldwide. North is a member of the International Group of P&I Clubs (IG), with over 12% of the IG’s owned tonnage. The 13 IG clubs provide liability cover for approximately 90% of the world’s ocean-going tonnage and, as a member of the IG, North protects and promotes the interests of the international shipping industry.

Topics New Markets Manufacturing