The Shipowners’ Club will not follow other protection and indemnity insurers in asking members for a general increase in premium at next February’s policy renewal.

The London-based mutual, which specialises in small ships, said it had made an underwriting surplus of $4.3m in the first half of this year.

It said no further increase in premium would be required at next year’s renewal following rate rises introduced earlier this year, and in consideration of its profitable underwriting.