Headquartered in Goa, the Rs 2,500 crore Chowgule group has interests in shipping, metals and heavy engineering. The case pertained to alleged siphoning off of a $128 million investment made between 2009 and 2014 for a chemical tanker business.
North’s diversification strategy rises to unprecedented challenges
Following a challenging period for the global economy and shipping in a year which saw a record level of International Group (IG) pool claims, North is reporting positive returns for its 2020-2021 financial year.
North’s recently published Annual Review posts robust growth across a number of diversified lines and, at 6.67% (equivalent to US$64.5M), its highest return on investments for many years.
In continuing its transformation from a monoline P&I Club to a diversified global marine insurer, North achieved premium income growth of US$60M across its mutual and diversified business lines, reaching US$406M. Thya Kathiravel, North’s Chief Underwriting Officer, commented that “year on year, premium increases were especially notable for Sunderland Marine Hull, P&I and Aquaculture lines and the newer, diversified Owners’ Fixed Premium P&I as well as North’s Hull facilities.”
Maritime Activity Reports, Inc. February 4, 2021
James Tyrrell (left), newly-elected as chair of North P&I Club, pictured with Paul Jennings, North chief executive (Photo: North P&I Club)
North P&I Club has elected James Alexander Tyrrell as its new chair of the board, succeeding Pratap Shirke, in a change at the helm of the global marine insurer that also sees Ioanna Procopiou become the Club’s first female vice-chair.
Tyrrell, a director of North member Arklow Shipping, takes up the role from February 4, having previously served as vice-chair of the North board. The formal announcement follows full approval by the Prudential Regulation Authority, which supervises around 1,500 banks, building societies, credit unions, insurers and investment firms for the Bank of England.