Acquisition of Marine Shipping Mutual Insurance Company Limited ("MSMI")(In Run Off) by North - November 2011

CIRCULAR REF: 2011/035

CIRCULATED TO ALL MEMBERS, BROKERS AND DIRECTORS 

We are pleased to announce that the acquisition of MSMI (in run off) by North was completed at a meeting of the MSMI Board on 2 November 2011.

MSMI is now a wholly owned subsidiary of North and will be governed for the time being by a Board comprising existing MSMI Directors; James Cowderoy, Rodney Eccleston, Albert Engelsman, Paul Jennings, Alan Wilson and Pratap Shirke, who has also been appointed as Chairman of the Board.

North will now proceed to manage the run off of MSMI’s outstanding liabilities in substantially the same manner as it has done prior to completion. It is also proposed that North will apply to transfer MSMI’s business to North under Part VII of the Financial Services and Markets Act 2000 and a further announcement will be made in respect of any such application at the appropriate time.

AA WILSON & PA JENNINGS

JOINT MANAGING DIRECTORS – North Insurance Management Limited

As Managers on behalf of North of England P&I Association Limited