North P&I Launches New Insurance Product
A 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. WeThe P&I club expects the new line will be taken up by a number of Members, whilst it is also open to 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 added significant 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). James and Alex will be based in North’s London office.
Thya Kathiravel, North’s Chief Underwriting Officer, commented, “Diversification is a significant feature of North’s overall strategic direction. We are introducing a high-quality H&M product and service proposition developed in consultation with James and Alex. We are confident that this new venture will bring sizeable financial benefits for our mutual membership.”
In addition, Nick Wolfe has been appointed as an underwriting department Director. Nick joins North from Aon, where he was the global broker’s Head of Shipping for Asia, based in Singapore. Andrew Hearne has been appointed as Director responsible for members, traders and charterers in the Europe region. Andrew joined North in 2017 from a London-based P&I insurer.
Paul Jennings, Chief Executive of North P&I Club, said, “The H&M market is undergoing a period of notable change, and we believe that now is the time for North to utilise its existing underwriting platform and enter the market.”