The Bergen-based insurer Norwegian Hull Club (NHC) is moving out of the protection and indemnity insurance business after 14 years.

The mutual said it had been unable to establish a profitable P&I business since it expanded into the market in 2018.

NHC will no longer renew or enter into P&I-related owners, charterers and freight defence and demurrage (FD&D) insurance cover.

The club said it would maintain service levels for current P&I clients until its current risks expire.