The newly merged NorthStandard has lost around 14m gt from its protection and indemnity book of business following the latest annual policy renewal, but executives say the drop is in line with expectations.

Before the 20 February merger, the North P&I Club and Standard Club had a combined P&I book of mutual shipowner business amounting to around 269m gt.

The merged NorthStandard has emerged from the renewal with 255m gt.