Seafood industry insurer Sunderland Marine Insurance, a subsidiary of North Group, has sold its Seattle branch in order to consolidate its North American operations. The purchaser is a new brokerage run by its former managers. The deal closed at the beginning of this month.
Sunderland’s parent North Group said that the move was part of a consolidation effort following North’s 2014 acquisition of Sunderland’s global operations.
As part of a management buy-out, former Sunderland Seattle office underwriting manager Chris Elliot will head newly-created entity ARES Insurance Managers. Former Seattle office claims manager Mark McDermott will remain with Sunderland.
At the end of September North consolidated the North American operations of its Sunderland Marine subsidiary under the Harlock Murray Underwriting brand.
Harlock Murray, led by general manager Erin Myre, remains a wholly owned subsidiary of Sunderland Marine, but is backed by Lloyd’s of London security rather than by Sunderland Marine.