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North P&I Club expands into fixed premium market

North P&I Club has today launched its Owners’ Fixed Premium P&I product, designed for operators of vessels up to 10,000 GT who value dependable cover and service excellence.

Under the Sunderland Marine trading name, the fixed premium product has been developed specifically for shipowners and operators who want both insurance cost certainty and market-leading service, supported by an experienced team with an exceptional reputation in the market. All policies are secured by North, with certificates, blue cards and guarantees issued by North. Policyholders will benefit from North and Sunderland Marine’s comprehensive international network available 24 hours a day, 365 days a year.

Thya Kathiravel, North and Sunderland Marine’s Chief Underwriting Officer, commented, “Diversification is a significant feature of North’s overall strategic direction. We have now developed a high quality fixed premium P&I product and service proposition and are confident that our increasing profile in this sector will deliver meaningful financial benefits for our mutual membership.”

The new fixed premium product will be managed from North’s new London office at 5 Lloyd’s Avenue, by a recently appointed team which consists of:
• Brian Davies, Director (London)
• Gustavo Gomez, Business Claims Manager
• Sebastian Tjornelund, Business Development Manager

Brian Davies, Director (London), commented, “Coupled with the strength of service offered by North Group, Sunderland Marine is already well known for its superior proposition and statement of quality within the fishing and aquaculture sectors, where we are the acknowledged market leader. In keeping with that tradition, this new Owners’ P&I product will offer fairly priced, S&P ‘A’ rated security.”

Paul Jennings, Chief Executive of North P&I Club and Sunderland Marine, noted: “While we at North affirm our commitment to the International Group of P&I Clubs, we have recognised over time that Club cover is not suitable for all operators, especially of smaller tonnage. Our new fixed premium product meets an evident market need while not diminishing the virtues and benefits of the IG system that we support.”

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