Two international marine insurance firms in the North East have announced their intention to merge next month.
The merger, which will create one of the largest marine insurance operations, is between Newcastle-based North of England P&I Association (North), a mutual liability insurer for ship owners, and Durham-headquartered Sunderland Marine Mutual Insurance Company Limited (SMMI), an insurer of fishing vessels. Both companies have offices worldwide and generate a combined premium income of more than £300m. They currently employ just over 400 people.
The companies formed a strategic alliance in January 2012 and, following completion of due diligence, entered into a merger framework agreement in 2013.