Based in Newcastle since 1860, mutual marine liability insurer North P&I is fast approaching a milestone achievement next year its 160th anniversary
However, for many in the city and the region, North may be one of the biggest local businesses they’ve never come across.
Many of us may have occasionally strolled past North’s head office on Newcastle’s Quayside and wondered what goes on in that building? Well, the next time you brush your teeth with your preferred brand of toothpaste or put on your shoes each morning before you leave home, it’s highly unlikely that these items would be available to us without the specialist marine insurance provided by North. North’s Director of Marketing & Communications, Rob McInally, offers further insight on this prominent but potentially unknown business.
As one of the world’s largest specialist marine insurers, the services provided by North enable the shipowners and managers insured with us to trade with confidence, transporting the goods we use every day from around the world. Our insurance protects shipowners and managers against a broad range of third-party liabilities such as pollution, collisions, wreck removal, cargo damage, personal injury and more. On top of this, we also provide insurance for legal advice, costs and expenses relating to disputes that would not be covered by other forms of insurance. Being a mutual organisation means that we are owned by our shipowner members and within the global shipping industry, we are often referred to as a Club, as historically shipowners clubbed together to share their risk.
Today more than 90% of total world trade is transported by ship. There are more than 50,000 ships in the global fleet, and every day nearly 20 million containers criss-cross the world delivering everything we need to make modern life possible. More or less everything we eat and wear is transported by ship – it is global shipping that makes global shopping possible. Over the years, the maritime industry has seen many changes, and these have been reflected in how we deliver our services around the world. However, our core purpose today is much the same as it was when the business was first formed. As part of continually adapting to these industry changes, we introduced our new brand identity and launched an industry-leading digital platform in late September. Our members and policy holders can now easily access a range of digital resources and guidance from our in-house experts on a variety of maritime topics, including technical and operational issues as well as training and development programmes.
Today, North employs just over 280 people in Newcastle, with a further 100 people in regional offices and subsidiaries across Asia, Australasia, Europe and North America. Through our membership of the International Group of P&I Clubs, of which our Chief Executive Paul Jennings is Chairman, we also invest in and shape the future of the maritime industry, working with governments and legislators to provide solutions to some of the biggest challenges faced by shipowners. Our new brand and digital resources position us well to help resolve these global challenges.
The North East of England has a rich maritime history, and North has been part of that history, right from the creation of the first indemnity association through to establishing a pioneering loss prevention department, and more recently providing specialist legal services in-house. With our eyes set securely on the future, and deeply rooted to the North East, we’re working with a range of local suppliers and business partners here in the region to help deliver our global service. We remain committed to supporting and working with local North East businesses in a post-Brexit world.
