Insurance broker Gallagher predicts that more mergers between protection and indemnity mutuals could be announced this year.

Gallagher executive director Malcolm Godfrey believes the other 11 members of the International Group of P&I clubs have already responded to the pending marriage between North P&I Club and the Standard Club with merger proposals of their own.

He said the significance of the North P&I-Standard Club merger for the marine insurance industry should not be underestimated, and it will start a “domino effect” of consolidation among other clubs.