News

On the 17th February 2012 Sunderland Marine reached yet another mile stone in its history, 130 years of continuous trading.

From the companies small beginnings in 1882 when a group of Sunderland ship owners decided they could offer better insurance terms than they were receiving from other brokers a lot has changed. Sunderland Marine is now one of the world’s leading mutual marine insurance companies with 13 offices positioned around the world. The companies ever evolving business model ensures new opportunities are taken advantage of this was certainly true in 1986 when the company entered the aquaculture sector. Enjoying over 25 years in aquaculture Sunderland Marine is one of the most established providers of this insurance expanding geographically and by operation type insuring over 20 species in 16 countries.  But one thing remains the same, the corner stone of Sunderland Marine our mutual values, the service strength and security offered to all insured.

Geoffrey Parkinson CEO of Sunderland Marine commented; “The achievement of the 130 year trading milestone for the Company in February 2012 is significant for a number of reasons.

Overtime, the Company has evolved to accommodate a changing Membership, which has developed from small beginnings in the UK to a now global involvement where the criteria of service, strength and security has been the foundation of our commitment to the commercial fishing industry in more than 50 countries around the world. It has been important for the Company to respond to the ever-changing global economic demands, and the diversification, some 25 years ago into Aquaculture, adds further spread to the business model, providing increased comfort to the Membership.

Further extensions of the business into charter vessels and non-fishing Hull interests, through associate companies, has produced enhanced diversification with increased future potential for the business to expand further.

The mutual ethos of the Company’s business model has been fundamental to the success of the business, and we look forward to continuing our support to the dedicated industries to which we supply insurance services for many years to come.”

Trevor Hart Sunderland Marine Chairman also added; “To celebrate an anniversary of 130 years is a very commendable milestone and demonstrates the uniqueness of SMMI. Its origins of course go back to providing marine insurance for the fishing industry a niche and specialised product. To be still providing this product for the industry is a remarkable achievement and being a world leader too.

It is of course true to say that the fishing industry has progressed immensely over that time to be a very sophisticated one. Sunderland Marine has also progressed with the demands of the fishing industry to continue to provide our Membership with a policy of insurance and service unrivalled. To maintain a retention level of members of 95% year on year certainly demonstrates we are doing an awful lot right. We are proud to be the insurer of many of the world’s fishing operations from the small single operation to the large ocean trawler fleets.

To have had the foresight to actively engage in fish farming insurance back in the 1980's when it was a very new industry going through a steep learning curve is also a business we are proud to have supported then and now and again to be a world leader.

Service and understanding our member’s needs has been our motto and continues to be embedded in everything we do as we look forward to meeting new challenges and the ever demanding nature of our niche products.”

The company would like to take this opportunity to thank all members for their loyal and continued support, Sunderland Marine looks forward to many more years in this industry and to providing the personal service we are known for.

As from 20th January 2012, Sunderland Marine and North have formed a strategic alliance by way of a reinsurance arrangement that will further enhance the leading market positions of both Sunderland Marine and North in the UK and across the globe.  

North, founded in 1860, is a 150 million GT ‘A’ rated P&I Club. With its head office in Newcastle, North specialises in the insurance of larger commercial vessels covering approximately 12% of the global tonnage entered with the International Group P&I Clubs.

Due to the differing portfolios of both companies direct competition has never existed allowing Sunderland Marine and North to form a strong friendship. This has made the collaboration possible that will enhance and diversify both companies’ respective operations.

Over the past century both companies have grown significantly from their bases in the North East of England, and an
ability to access one another’s global networks, established market connections and respective local knowledge is a key element of the new arrangement.          

The main objectives for Sunderland Marine and North through this alliance is to diversify and develop new sources of business income and collaborate in exploring new business opportunities worldwide. All developments will benefit the membership of both companies which
remains their primary foundation.

The staff at Sunderland Marine did their best at bringing some Christmas cheer to the office by having a dress up or down day depending how you look at it; whereby members of staff took part by dressing in their Christmas best. The day was organised by Andrew Bell, who himself wore a very fetching Christmas jumper of his own for the occasion. Andrew also managed to raise £130 through staff donations for Help the Hero’s charity, an extremely worthy cause.

Prizes were awarded to those members of staff whose efforts were of particularly note, with Judith Cutter our very own Christmas elf and Janet Cook a very professional looking Mrs Clause deserved of a special mention.

With the day being a great success this will hopefully be the first of many Christmas fancy-dress days and charity fund raising events at Sunderland Marine in years to come.