Insurance broker Gallagher has cooled on its prediction that the creation of NorthStandard will trigger consolation in the protection and indemnity market.
Shipping’s second-largest P&I mutual was formed through the merger of the North of England P&I Club and the Standard Club in February.
In a report on the merged club, Gallagher said: “The general consensus, as we see it, is that the clubs are monitoring the NorthStandard to see how they successfully integrate the businesses, and most of the other clubs feel that they are strong enough to stand on their own feet from both a financial and competition standpoint.
