The NorthStandard said it will be setting a 5% general increase for shipowner members at the newly merged mutual’s first protection and indemnity policy renewal in February.

North P&I Club and the Standard Club merged this year to create the industry’s second-largest P&I mutual insurer.

In the first nine months since the two clubs became one, NorthStandard said it had already seen significant cost benefits that have positioned it for underwriting profits — and even an increase in its free reserves.