Sunderland Marine Insurance Company Ltd was originally formed in 1882 as the Total Loss Mutual Steamship Insurance Company by a group of Sunderland ship owners who felt they could offer better insurance terms than those offered by the markets.
Following a restructure in 1962 the Total Loss Mutual Steamship Insurance Company became Sunderland Marine Mutual Insurance Company Limited. At the end of 1974 the Company took an important step by merging with Salvus Bain, a marine insurance broker. Growth then became evident with the Company making plans in 1979 to expand overseas.
The timeline for this expansion was as follows:
As mentioned above, Sunderland Marine made an important development by diversifying into aquaculture insurance, which involved a great deal of pioneering work. 28 years on, the Company is regarded as an expert in this highly specialised industry. The aquaculture side of the business now contributes over 20% to the Company’s premium income. In a short space of time the aquaculture business has grown significantly with Sunderland Marine insuring a diverse range of species in over 12 countries.
In 2004 Sunderland Marine embarked upon a new project of building and moving to new, state of the art, headquarters. A small team lead by CEO Geoff Parkinson took on the project of Salvus House which was officially opened by the then Chairman, Edwin Garrett in 2005.
The group was restructured in 2009, whereby the employees and assets of Salvus Bain (Management) Limited and its wholly owned subsidiaries were transferred to Sunderland Marine. Salvus Bain had previously provided management services since 1975.
In early 2012 Sunderland Marine entered a strategic alliance with fellow North East marine insurance company North of England Protecting and Indemnity Association (North) allowing both companies to work together on a number of new business ventures through the combined worldwide contacts of the two companies.
On the 28th February 2014 Sunderland Marine merged with North of England Protecting and Indemnity Association Limited forming one of the largest global marine insurance operations.
To fully realise the benefits created by the merger between Sunderland Marine and North, in April 2015 Sunderland Marine staff from the UK headquarters moved to North's head office on the Quayside in Newcastle Upon Tyne.
Sunderland Marine has stood the test of time by keeping true to its mutual roots, diversifying and taking opportunities to develop the business. Over 130 years on, Sunderland Marine now operates in over 50 countries with over 12,000 policies underwritten.