North P&I Club appoints Nick Wolfe to drive diversification forward | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
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.”