Fri, 09 Aug 2013 | MERGER
Two marine insurance firms in the North East are in the process of discussing a merger in a bid to improve their position in the market.
North of England P&I Association (North) in Newcastle and Sunderland Marine Mutual Insurance (CMMI) in Durham have both been trading since the 1800s and are both leading providers of insurance for marine businesses. North is the world's second largest mutual liability insurer for shipowners, while SMMI is a world leading insurer of fishing vessels and the aquaculture industry.
Alan Wilson, joint managing director of North, explained that the pair are looking into a merger as a result of “business similarities” and “complementary global activities”. He added that if the merger goes ahead it will result in “one of the largest global marine insurance providers, which we believe will provide considerable financial stability and significantly enhance our competitive position”.
SMMI chief executive Geoff Parkinson added that a merger would deliver a “major force” in the global marine insurance markets thanks to the “diversification and capacity” of the combined companies.
Before the merger can go ahead, both parties will need to undertake due diligence to their satisfaction. Regulatory and membership approval will then be sought before a further announcement is made in October of this year.
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