Insurer set to shrug off the global downturn

Jun 15 2009 by Peter McCusker, The Journal

THE boss of a 126-year-old insurance company says its global growth plans will not be hampered by last year’s £11.6m loss.

Geoffrey Parkinson, chief executive of the Sunderland Marine Mutual Insurance Company, says 2008 was a bad one for insurance companies globally, and it did not escape the economic maelstrom.

But the mutual is on track to become profitable this year and, with its second US office in Florida up and running, it is turning its sights on opening new offices in the Far East.

The business, which is based at Aykley Heads, Durham, specialises in insuring commercial fishing vessels and has 75% of the Australian and 60% of the UK market.

Mr Parkinson said: “Last year was a difficult one for all financial businesses and we were no exception. However we have healthy financial reserves and we expect to return to a surplus in 2009.

“After opening the Florida office earlier this year we are now turning our attention to the Far East and have plans to open a base in Singapore.

“Things have really begun picking up since March and we are on track for a good 2009.”