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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.” ....
Toy fund helps when it’s needed most The fund has been there through 11 recessions since it was founded in 1949. By Staff Report Hundreds of thousands of children have been served by the charity since. There are always families that need help, even in the best of economic times. Events such as divorces, illnesses, deaths, and accidents don’t follow economic cycles. But it’s no coincidence the toy fund was launched in that hard winter of 1949. The need has always grown during hard economic times, when unemployment and poverty rise. The toy fund has been here through 11 economic recessions – some short and shallow; others deep and long. Severe recessions in 1982 and 2008 pushed the national unemployment rate to 10 percent. ....