In the early 1970s the Sunderland was operating solely in the UK market but it now trades in 55 countries. It has 13,500 mutual members (customers) compared to the 350 it had 35 years ago.
As well as the Durham head office, which employs 85 people, the Sunderland has three offices in Australia, one in new Zealand, two in the US and one in Canada employing a further 60 staff. It moved from Sunderland to Durham four years ago.
As a mutual, the business aims to break even on its trading and retain value for its members through investments.
Last year it suffered a trading deficit of £343,00 on a turnover of £55.4m.
Its annual loss was accounted for by a sharp decline in the value of its investment of over £11.6m after tax, leaving it with capital and reserves of £41m.
The 20% fall is due to the plummeting global stock markets and the generally depressed state of global asset values.
Mr Parkinson added: “For the last four of five years we achieve record investment income, but the world went through the greatest economic downturn since the 1920s and we are not immune to that.”
Chairman Trevor Hart described last year “as probably the most challenging in the company’s 126-year history”.
Last month the Newcastle-based North of England P&I Association, a 149-year-old business, which insures 10% of the world’s ships, said it is expanding into the Far East too, with the opening of an office in Japan.
