North P&I adds hull and machinery in diversification drive

North P&I is now offering hull and machinery cover for ocean-going vessels, complementing the H&M insurance already available from Sunderland Marine for fishing vessels and other small craft.

In support of the product, North has added underwriting expertise from within Lloyd’s to its H&M insurance teams with the appointment of James Sutton as a class underwriter and Alex Fuller as a senior underwriting executive.

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.”

North’s strategic ambitions for underwriting are further confirmed by two other appointments. Nick Wolfe has been appointed as an underwriting department director joining 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, joining from a London-based P&I insurer.

Paul Jennings, chief executive of North P&I Club, noted: “Everyone at North is extremely excited with these new developments and the recruitment of James and Alex. 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. We have a clear vision for this project, underpinned by our sound underwriting principles which will ensure our success. Nick’s arrival together with Andrew’s appointment to director will further supplement North’s underwriting expertise and capabilities in key markets, and I wish them all well for the future.”

Jennings was interviewed by video last week as part our ongoing Maritime CEO Leader Series. Click here for his take on how P&I is coping as an industry during the Covid-19 outbreak.