A new alliance that will take the Korea Shipowners' Mutual Protection & Indemnity Association further into the large-ship insurance market is in the pipeline.

The Seoul-based mutual already has a collaboration with the Standard Club covering vessels of up to 10,000 gross tons (gt) but it is now preparing a deal with another International Group club for bigger tonnage.

The International Group is suspicious of alliances between its 13 member clubs and outside insurers — even when they are shipowner-controlled mutuals — so any new pact is likely to be controversial and will need agreement before it is finalised.